Have you ever stopped to think about the invisible forces that have steered global politics and economics for the past half-century? That's the hook of Gary Gerstle's The Rise and Fall of the Neoliberal Order—a book that pulls back the curtain on an era defined by market-driven policies that promised prosperity but delivered stark inequalities.
In the late 1970s, as the U.S. and UK pivoted toward reducing government intervention, neoliberalism took hold. It wasn't just about economics; it blended deregulation with ideas of personal freedom, open borders with a cosmopolitan vibe, and globalization with hopes of shared wealth. But what started as a response to economic stagnation morphed into a dominant worldview, influencing everything from trade deals to social welfare cuts.
The problem? This shift exacerbated income gaps, privatized public services, and prioritized markets over communities. Gerstle doesn't shy away from these critiques, but he also explains why neoliberalism resonated so widely—even attracting progressives with its emphasis on individual liberties and international cooperation.
Gerstle's narrative is rich with specifics: the role of the Soviet Union's collapse in bolstering neoliberal confidence, the failures in Iraq's reconstruction, and the 2008 Great Recession's aftershocks. He charts how this order fused with American identity, permeating daily life through policies that seemed inevitable at the time. Yet, by the 2010s, cracks appeared—fueled by Bernie Sanders' calls for equity on the left and Donald Trump's nationalist backlash on the right.
Reading this feels like piecing together a puzzle of modern history. Imagine discussing over coffee how past policies echo in today's debates on trade wars or wealth taxes—that's the tangible benefit. For students, policymakers, or anyone frustrated with inequality, Gerstle's work provides context without overwhelming jargon. It's history that reads like a story, helping you navigate the uncertain path ahead with a sharper perspective on what neoliberalism built, broke, and left behind.
In essence, this book isn't just about the past; it's a lens for the future, reminding us that ideologies rise and fall, but understanding them empowers us to shape what's next.
