Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics
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Speaker(s): Dr Daniel Stedman Jones, Professor Mark Pennington, Professor Lord Skidelsky Chair: Professor Stuart Corbridge Recorded on 16 January 2013 in Old Theatre, Old Building. How did American and British policymakers become so enamoured with free markets, deregulation, and limited government? Based on archival research and interviews with leading participants in the movement, Daniel Stedman Jones has traced the ascendancy of neoliberalism from the academy of interwar Europe to supremacy under Reagan and Thatcher and in the decades since. He contends 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. In his lecture he will describe neoliberalism's road to power, beginning in interwar Europe, then shifting its centre of gravity after 1945 to the United States, especially to Chicago and Virginia, where it was developed into an uncompromising political message, communicated through a transatlantic network of think tanks, businessmen, politicians, and journalists held together by Friedrich Hayek and Milton Friedman. A discussion 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. Daniel Stedman Jones is a barrister in London. He was educated at the University of Oxford and at the University of Pennsylvania, where he earned a PhD in history. He has worked as a policy adviser for the New Opportunities Fund and as a researcher for Demos. His latest book is Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics. Mark Pennington is Professor of Public Policy and Political Economy, King's College, University of London, prior to which he spent eleven years at Queen Mary, University of London. He holds a PhD from the London School of Economics. Mark's work lies at the intersection of politics, philosophy and economics with a particular emphasis on the classical liberal tradition. His latest book, Robust Political Economy (2011: Cheltenham, Edward Elgar) examines challenges to classical liberalism derived from neo-classical economics, communitarian political theory and egalitarian ethics. From January 2013 Mark will be the European Editor of the Review of Austrian Economics. Robert Skidelsky is Emeritus Professor of Political Economy at the University of Warwick. His three-volume biography of the economist John Maynard Keynes (1983, 1992, 2000) received numerous prizes, and he recently published Keynes: The Return of the Master.
Comments
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Ideas vs. vested interest can define the left vs. right debate. Left has ideas and vocalizes them logically and unequivocally, while the right argues some fantasy theory having no facts to back what they say, and that gives a logical listener the impression that their objective is to be noticed by a handful of powerful people who could handsomely reward them for convincing the common man that free market, as they practice it, at any particular time as the most logical solution to all problems, while they even don’t practice free market theories as Hayek (or Friedman for that matter in some instances) has advocated but while using Hayek’s theory as a shield, practice crony capitalism. For example, it was difficult to listen to the few minutes of D.S. Jones (who seemed to have no conviction—except perhaps vested interest) for the reasons I have stated while both Pennigton and Skidelsky had no hesitation in giving us facts to back their arguments. It would be good to know of a society that had prospered using the theories of Hayek, Friedman and other neoliberal economists (Reagan and Thatcher brought upheaval to the world-under them inflation was tamed since middle class had no money to spend and those who have it ran asset bubbles that still dangerously going on. Let’s hope some right wing economist (even with vested interest) may be able to give an example to convince us. FDR brought the USA out of the worst economic crisis thanks to Keynes (that Obama has not grasped yet listening to right wing policy makers allowing monetary policy get us out of the recession—that will never happen—without giving any consideration to fiscal policy).
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Boy that first guy has all the stage presence of a bag of potatoes. HARD to listen to.
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dam skidelski is giving my analasis,
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" holy grail of flexible labour markets " ? Please elucidate. Go into great detail. Spare us none of the lash to be inflicted on the people for being poor and having nothing to sell but our labour. Don't be mealy-mouthed. Give it to us straight. I don't expect a response. Its a secret right ?
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This is so beyond me but I wanted to hear what intellectual people thought of deregulation.
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