An incisive analysis of how the controversial ideology has permeated modern life
. Fisher, an old Etonian who worked in the City, shared the Austrian’s belief that the nascent postwar welfare state would eventually lead to totalitarianism. Fisher wanted Hayek’s advice. Should he go into politics? No, the professor said, something like a thinktank would have far more “decisive influence in the great battle of ideas”.
Neoliberalism has come a long way since Hayek’s days at the LSE. The belief in the primacy of the free market, deregulation and globalisation has been political orthodoxy for the past 40 years. Embraced by Democrats and Republicans, Conservatives and Labour, neoliberalism is simultaneously all-encompassing and seldom, if ever, explicitly named.columnist George Monbiot and film-maker Peter Hutchison have set out to lift the veil on this “invisible doctrine”.
Such arguments had little impact on the postwar consensus but would go on to inspire Ronald Reagan and Margaret Thatcher. The success of Hayek’s ideas owed much to the invisible hand not of Adam Smith’s market forces, but the clandestine grip of dark money and hidden influence. DeWitt Wallace, the anti-communist co-founder of Reader’s Digest, published a condensed version of The Road to Serfdom
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