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/296/ Last-Gasp Neoliberalism (Trussonomics)
🕑 Added 2022-10-18 06:00:04 +0000 UTCOn Trussonomics.
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Having stumbled upon a successful recipe under Boris Johnson which would see greater state intervention, Britain's Tories then pivoted to a much more pro-market approach. But the markets haven't liked it – they've hated it.
What does this say about neoliberalism and what the new orthodoxy is? Why did markets react so badly against a budget that featured things they normally like, such as lower rates of corporate taxes? And does this mean the market's authority has been restored, but under a new guise?
Readings:
- Liz Truss’s Britain Is a Morbid Symptom of the World’s New Era, Adam Tooze, Foreign Policy
- The markets are wrong about ‘Trussonomics’ just like they were about Brexit, Julian Jessop, Telegraph
- What is Kwasi Kwarteng really up to? One answer: this is a reckless gamble to shrink the state, Adam Tooze, Guardian
- Britain's Tory Meltdown Is a Case of Socially Determined Stupidity, David Jamieson, Jacobin
- The economic consequences of Liz Truss, Martin Wolf, FT
Comments
Eli S
Certainly the death of openly austerian, rhetorically antipopulist Neoliberalism 1.0. But as you say, the 1.0 version has never been the whole of neoliberalism.
Eli S
"Maybe by Christmas" he said two days before she was made to resign
Andrew Mountford
Are the markets actually reacting against corporate tax cuts? It seems to me more like they are responding to promises of expanded borrowing from Truss's agenda. With Hunt in charge doing everything he can to show the Conservatives are back to 'sensible' economic management behind the markets including him pairing back the intervetion on energy isn't this just neoliberalism resplendent? It's not like neoliberalism in of itself ever wanted the government to cut to 0 taxes. Under Thatcher the tax burden was shifted in favour of capital and the wealthiest in society but it was never destroyed. I'm not sure this really is the death of neoliberalism tragically.
