Masters of the Universe

Acknowledgments ix Timeline xi List of Abbreviations xiii Introduction 1 The Three Phases of Neoliberalism 6 Neoliberalism and History 10 Transatlantic Neoliberal Politics 15 1. The Postwar Settlement 21 2. The 1940s: The Emergence of the Neoliberal Critique 30 Karl Popper and "The Open Society" 37 Ludwig von Mises and "Bureaucracy" 49 Friedrich Hayek and "The Road to Serfdom" 57 The Mont Pelerin Society and "The Intellectuals and Socialism" 73 3. The Rising Tide: Neoliberal Ideas in the Postwar Period 85 The Two Chicago Schools: Henry Simons, Milton Friedman, and Neoliberalism 89 The Enlightenment, Adam Smith and Neoliberalism 100 Economic and Political Freedom: Milton Friedman and Cold War Neoliberalism 111 The German Economic Miracle: Neoliberalism and the Soziale Marktwirtschaft 121 Regulatory Capture, Public Choice, and Rational Choice Theory 126 4. A Transatlantic Network: Think Tanks and the Ideological Entrepreneurs 134 The United States in the 1950s: Fusionism and the Cold War 138 British Conservatism in the 1950s 147 Neoliberal Organization in the 1950s and 1960s 152 The Second Wave: Free Market Think Tanks in the 1970s 161 Neoliberal Journalists and Politicians 173 Breakthrough? 178 5. Keynesianism and the Emergence of Monetarism, 1945-71 180 Keynes and Keynesianism 182 "A Little Local Difficulty": Enoch Powell's Monetarism 190 American Economic Policy in the 1960s 197 Milton Friedman's Monetarism 201 The Gathering Storm 212 6. Economic Strategy: The Neoliberal Breakthrough, 1971-84 215 The Slow Collapse of the Postwar Boom, 1964-71 217 Stagflation and Wage and Price Policies 225 The Heath Interregnum and the Neoliberal Alternative 230 The Left Turns to Monetarism, 1: Callaghan, Healey, and the IMF Crisis 241 The Left Turns to Monetarism, 2: Jimmy Carter and Paul Volcker's Federal Reserve 247 Thatcherite Economic Strategy 254 Reaganomics 263 Conclusion 269 7. Neoliberalism Applied? The Transformation of Affordable Housing and Urban Policy in the

Daniel Stedman Jones 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

A cerebral, pertinent exegesis on the thinking behind the rise of the New Right... [A] valuable study that helps flesh out the caricature of conservatives as only believing 'greed is good.' Kirkus Reviews [I]mportant... [A] beguilingly erudite old-fashioned read. -- Stephen Matchett Australian