Based on archival research and interviews with leading participants in the movement, Masters of the Universe traces the ascendancy of neoliberalism from the academy of interwar Europe to supremacy under Reagan and Thatcher and in the decades since. Daniel Stedman Jones argues that there was nothing inevitable about the victory of free-market politics. Far from being the story of the simple triumph of right-wing ideas, the neoliberal breakthrough was contingent on the economic crises of the 1970s and the acceptance of the need for new policies by the political left. This edition includes a new foreword in which the author addresses the relationship between intellectual history and the history of politics and policy.
Fascinating, important, and timely, this is a book for anyone who wants to understand the history behind the Anglo-American love affair with the free market, as well as the origins of the current economic crisis.
Awards and Recognition
- Finalist for the 2014 Presidents’ Book Award, Western Social Science Association
- Shortlisted for the 2012 Gladstone Prize, Royal Historical Society
"[I]ntelligent."—Kenneth Minogue, Wall Street Journal
"In impressive fashion, Jones analyzes the impact of free market economics and deregulation on political leaders in Washington, D.C., and London since the 1970s. . . . [A]nyone intrigued by the intersection of economic theory and political affairs will appreciate this learned, detailed book."—Publishers Weekly
"Mr. Stedman Jones offers a novel and comprehensive history of neoliberalism. It is tarred neither by a reverence for the heroes, nor by caricature, for he is a fair and nuanced writer. This is a bold biography of a great idea."—Economist
"Clearly written and relevant to a wide audience."—Daniel Ben-Ami, Financial Times Wealth
"Jones gives us the best kind of intellectual history, showing the interplay of ideas, ideology and nascent political movements. The book should be lauded for illustrating that the history of ideas is not straightforward, and a big idea can be bent towards something that its originators might not have imagined."—Joel Campbell, International Affairs
"A cerebral, pertinent exegesis on the thinking behind the rise of the New Right. . . . [A] valuable study that helps flesh out the caricature of conservatives as only believing 'greed is good.'"—Kirkus Reviews
"[A] good read. . . . The deep history of neo-liberal thought is fascinating."—Andrew Hilton, Financial World
"[I]mportant. . . . [A] beguilingly erudite old-fashioned read."—Stephen Matchett, Australian
"Stedman Jones . . . describes the scene with remarkable accuracy, including its financial underpinning and its ties with conservatism."—Karen Horn, Standpoint
"[A] lucid, richly detailed examination of the evolution of the free market ideology since the end of World War II."—Glenn C. Altschuler, Pittsburgh Post-Gazette
"Masters of the Universe is a firm brief for the independent, causal power of ideas to shape history. . . . [It] does much to help explain the aftermath of 2008 and the ways in which political responses that might have defined another era seem unthinkable in ours."—Jennifer Burns, American Prospect
"His lengthy exposition of the views shared by these outstanding economists might encourage many to pay attention to their works."—Alejandro Chafuen, Forbes
"This is a timely history of the Anglo-American love affair with the market and the origins of the current economic crisis."—Keith Richmond, Tribune
"[T]his is an insightful, substantive historical account of the Anglo-American political economy underpinning the conservative economic agendas of the Thatcher and Reagan administrations."—Choice
"Fascinating, important, and timely, this is a book for anyone who wants to understand the history behind the Anglo-American love affair with the free market, as well as the origins of the current economic crisis."—World Book Industry
"The book as a whole . . . offers a balanced, well-structured and highly readable account of neo-liberalism's history which will serve both students and scholars as an introduction to this controversial line of economic thought."—Claudia Franziska Bruhwiler, Political Studies Review
"This is a very important book. . . . [T]he book is essential reading, both to know the history of neo-liberalism and to understand how it impacted on both Labour and Democrat administrations as well as those of the Reaganite and Thatcherite right."—Duncan Bowie, Chartist
"Jones provides a balanced and even-handed account of the ideas and events. He does not shy away from contemporary critiques by leading economists and opponents of Neoliberal ideas."—Braham Dabscheck, Labour History
"Jones brilliantly succeeds, thanks to his obvious mastery of the main neoliberal texts, his very astute use of historical archives (like the Hayek or Friedman Papers), and the many interviews he conducted with key neoliberal players in Europe and America."—Françoise Coste, Cercles
"Masters of the Universe is an excellent and important book. It is very clearly structured, accessible, well-written, and rigorously argued. It is essential reading for anyone interested in the rise and spread of neoliberal ideas. . . . [I]t will be a great source for both non-specialists interested in neoliberalism and scholars working on neoliberalism."—Lars Cornelissen, Plurilogue
"[A] terrific book."—Enlightened Economist
"Masters of the Universe does a masterful job telling one of the most important intellectual and policymaking stories of the twentieth century."—John L. Campbell, Historian
"Jones provides a readable and laudable account of the history of neoliberalism and its political ascendancy. Besides containing the potential for a good documentary. . . . His book also showcases heretofore unacknowledged archival material and scholarly synthesis. I recommend this book to not only historians of economics, but all policy historians and political theorists who are interested in the postwar history of the New Right."—Robert Van Horn, History of Economic Ideas
"Daniel Stedman Jones has an unusual talent—making the history of economic thought fascinating and significant. In tracing the evolution of neoliberal ideas and their implementation in public policy in Britain and the United States, he does a superb job of helping us understand both the last half-century of Atlantic history and the origins of the current crisis. No book could be more timely."—Eric Foner, Columbia University
"Daniel Stedman Jones captures brilliantly the interaction between ideas and events in this compelling history of the rise of Thatcherism and Reaganism. He displays a willingness, unusual in a historian, to treat economic ideas seriously, and not just as weapons in a political struggle. In the light of the economic collapse of 2007-2008, the intellectual debates of the 1970s and 1980s, brought so vividly to life here, are as fresh as they were at the time."—Robert Skidelsky, author of Keynes: Return of the Master
"Daniel Stedman Jones shows how neoliberalism gained ascendancy in both the United States and the United Kingdom. This timely book is a model of calmness, lucidity, and reasoned argument, intent on understanding neoliberalism rather than celebrating or condemning it out of hand."—Sean Wilentz, author of "The Age of Reagan: A History, 1974-2008"
