The Neoliberal Turn
The political program that reshaped American capitalism after 1980 -- and who paid the cost
The transformation of American capitalism in the 1980s was not primarily an economic event -- it was a political one. The institutions, norms, and power relationships that had produced broad-based prosperity for three postwar decades were systematically dismantled, not because they had failed to deliver growth, but because they had delivered it too broadly.
The Friedman Doctrine
Milton Friedman's 1970 New York Times essay declared that businesses had one obligation: maximize shareholder value.
Reaganomics
Tax cuts for the wealthy, deregulation, and the end of the postwar social contract -- justified by economic theory that did not survive scrutiny.
Deregulation
The systematic dismantling of the regulatory framework built during the New Deal and Great Society.
The Decline of Unions
From 35% membership in the 1950s to under 10% today -- a collapse that reshuffled American income distribution.
The Productivity-Wage Split
Workers produce more than ever. Their wages do not reflect it. The divergence is documented, large, and not accidental.