Neoliberalism, while disregards adam Smith warnings, was adopted by go…
Neoliberalism's Adoption and Adam Smith's Warnings
Neoliberalism, as implemented from the late 1970s onward (e.g., under Thatcher in the UK and Reagan in the US), emphasized deregulation, privatization, free trade, and reduced government intervention to combat the 1970s stagflation—a mix of high inflation, high unemployment, and slow growth triggered by oil shocks, wage-price spirals, and Keynesian policy failures. Adam Smith, in The Wealth of Nations (1776), warned against unchecked self-inte…
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