Globalists: The End of Empire and the Birth of Neoliberalism

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Neoliberals hate the state. Or do they? Within the first intellectual history of neoliberal globalism, Quinn Slobodian follows a group of thinkers from the ashes of the Habsburg Empire to the creation of the World Trade Organization to turn that neoliberalism emerged less to shrink government and abolish regulations than to redeploy them at a global level.

Slobodian begins in Austria Within the 1920s. Empires were dissolving and nationalism, socialism, and democratic self-determination threatened the stableness of the worldwide capitalist system. In response, Austrian intellectuals known as for a new way of organizing the arena. But they and their successors in academia and government, from such famous economists as Friedrich Hayek and Ludwig von Mises to influential but lesser-known figures such as Wilhelm Röpke and Michael Heilperin, didn’t propose a regime of laissez-faire. Slightly they used states and global institutions―the League of Nations, the European Court of Justice, the World Trade Organization, and international investment law―to insulate the markets against sovereign states, political change, and turbulent democratic demands for greater equality and social justice.

Far from discarding the regulatory state, neoliberals wanted to harness it to their grand project of protecting capitalism on a global scale. It used to be a project, Slobodian shows, that changed the arena, but that used to be also undermined again and again by the inequality, relentless change, and social injustice that accompanied it.

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