Has neo-liberalism reached use-by date? Ayn Rand and the failure of philosophy

It has long been evident that the extreme neo-liberalism that followed Ayn Rand’s views has had a malign influence on the world economy leading to massive inequality. And the system is now like an unstable house of cards. Matthew Wright explains in this super post.

Matthew Wright

A good deal of what I’ve been seeing of late on social media – but also in mainstream journalism – revolves around the notion that the Covid-19 pandemic will be the trigger for a shift away from the neo-liberalism that has characterised leading western economic policies since the early 1980s.

That might be right. Back then this ideology was trumpeted as a ‘more sophisticated’ approach than the liberal democratic western policy mixes of the mid-twentieth century. When the eastern bloc fell over in the early 1990s its triumph seemed complete. History, Francis Fukuyama declared, had ended as a result. From then on, The Future would consist of a changeless neo-liberal nirvana.

Well, quite. It was an absurd statement, curiously built on the same faulty assumption that Karl Marx had applied to his thinking in the 1840s: that societies, by nature, move towards an ideal end-point – a meaning summed up…

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