There is not just one neoliberal capitalism

Neoliberal capitalism in OECD countries is often criticised as being responsible for the skewing of income distribution against wage earners, the rise in inequality, globalisation, tax competition, climate disruption, etc. But over time, there have been several very different forms of neoliberal capitalism: In Milton Friedman’s initial version (for example in his 1962 book, Capitalism and Freedom), which is often caricatured, companies should have the sole aim of maximising profits for shareholders . B ut the government has an important role in providing a quality education for all, reducing poverty, ensuring free competition and stamping out dominant positions and monopolies; This was followed by the “hard” neoliberal capitalism of the late 1970s and 1980s under Margaret Thatcher and Ronald Reagan: wage austerity, competition, free trade, dismantling of unions, reduction in social welfare and in the size of government; Contemporary neoliberal capitalism (“Trumpism” in the United States) is very different from “hard” neoliberal capitalism: protectionism, tolerance for monopolies, very strong government intervention and constantly stimulatory macroeconomic policies. In contemporary capitalism, neoliberalism really only applies to the functioning of the labour market and, to a lesser degree, social welfare. So instead of neoliberal capitalism, one should talk about neoliberal capitalisms.