Gary Gerstle, a historian and author specializing in American political and economic history, shares his insights into the rise and decline of neoliberalism. He explores how its roots intertwine with cultural movements of the 1960s and 70s, and how recent political shifts challenge its principles. Gerstle discusses the rivalry between the U.S. and Soviet economies, the elitist tendencies of neoliberalism on democracy, and the potential for a more equitable 'middle-out' economic framework amid today's crises.
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insights INSIGHT
Neoliberalism Defined
Neoliberalism, an ideology promoting unregulated capitalism, aimed to maximize economic growth by removing constraints.
It promised benefits for all, with the wealthiest gaining the most, but didn't acknowledge potential trade-offs or zero-sum outcomes.
insights INSIGHT
Cultural Freedom and Neoliberalism
The cultural freedoms sought in the 60s and 70s, like individuality and anti-establishment sentiment, unexpectedly connected with neoliberalism's economic freedom.
This cultural yearning, combined with the 70s economic crisis, created an environment for neoliberal ideas to emerge.
question_answer ANECDOTE
Steve Jobs and the IT Revolution
Steve Jobs' vision for personal computers stemmed from a leftist, anti-establishment desire to break free from IBM's control.
This desire for individual emancipation resonated with the burgeoning IT revolution, aligning with neoliberal principles of deregulation.
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In this book, Gary Gerstle examines America's recent history, focusing on the past forty years during which the nation embraced marketization, global economic integration, a harsh penal state, and increasing inequality. Gerstle discusses how neoliberalism emerged in the 1970s and 1980s, dominated American politics in the 1990s and 2000s, and began to fracture during the 2010s with the rise of Donald Trump and Bernie Sanders. He highlights the role of the Soviet Union's collapse in securing neoliberalism's triumph and analyzes how neoliberal policies, despite promising universal prosperity, failed to address economic inequality, leading to its eventual decline.
This week, Nick and Goldy sit down with historian Gary Gerstle, author of The Rise and Fall of the Neoliberal Order, for an in-depth exploration of neoliberalism—its origins, dominance, and decline. Their conversation examines the shifting political landscape shaped by recent presidential administrations, including the Biden administration’s efforts to promote a more equitable “middle-out” economic framework. With a focus on historical context and the enduring power of neoliberal institutions, this episode offers a compelling analysis of the pathways to a new economic order and the critical role of innovative thinking in navigating today’s economic challenges.
Gary Gerstle is an author, historian, and scholar of American political and economic history. He is the Paul Mellon Professor of American History Emeritus at the University of Cambridge and a Professor Emeritus of History at Vanderbilt University.
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