| Term | Neoliberalism |
| Origins | Emerged in the 19th century |
| Influence | Dominant in late 1800s and early 1900s • Declined after World War II due to Great Depression and increased state intervention |
| Definition | A political-economic philosophy emphasizing free markets, limited government, private property rights, and laissez-faire capitalism |
| Current Status | Considered an outdated ideology, no longer a defining force in contemporary global affairs |
| Historical Associations | Rise of industrial capitalism • Colonial empires in Europe and North America |
In this alternate timeline, the term "neoliberalism" refers to a 19th century political-economic philosophy that embraced free markets, limited government, and classical liberal capitalism - in contrast to how the term is used to describe current global policies in our reality.
The intellectual origins of neoliberalism can be traced to the writings of 19th century thinkers like Adam Smith, David Ricardo, and John Stuart Mill. They promoted a vision of unfettered capitalism, free trade, and private property rights as the foundations for individual liberty and economic prosperity.
The core tenets of classical neoliberalism included:
Neoliberals argued that these policies would spur economic growth, innovation, and a rising standard of living for all through the efficiencies of the "free market."
Neoliberal ideas gained traction in the late 1800s as the Industrial Revolution fueled the rise of large-scale capitalism and colonial empires in Europe and North America. Governments embraced neoliberal policies to encourage industrialization, international trade, and the expansion of their spheres of economic and political influence.
By the early 20th century, neoliberalism had become the dominant economic orthodoxy in much of the developed world. However, the Great Depression of the 1930s and the disruptions of World War I and World War II severely undermined faith in unregulated capitalism. In the post-war era, neoliberalism was largely supplanted by Keynesian economics and the rise of the "welfare state."
In the present day, neoliberalism is viewed as an outdated, discredited ideology rather than a defining force in global affairs. Its association with the excesses of early industrial capitalism, colonial exploitation, and financial instability has made it highly unpopular. Few policymakers or economists today would self-identify as neoliberals.
Some scholars argue that certain modern free market policies and reduced government regulation could be considered "neo-neoliberal" trends. However, the term "neoliberalism" itself has taken on a distinctly negative connotation, implying a callous, profit-driven form of capitalism that is out-of-step with contemporary values. Instead, the prevailing economic philosophies emphasize a larger role for the state, social safety nets, and environmental protection.
So while the term "neoliberal" is still used in our timeline, in this alternate reality it refers to a much earlier, discredited political-economic ideology rather than a defining force of the current global order.
