“Free Market Democracy and Global Hegemony,” (John Bellamy Foster) Monthly Review, vol. 49, no. 4 (September 1997), pp.51-64. DOI: 10.14452/MR-049-04-1997-08_5
Neoliberalism is usually thought of as a purely economic philosophy, stemming from the work of the arch-conservative economist Friedrich hayek and other twentieth century economist (particularly those associated with the University of Chicago), and involving an attempt to construct a much more complete justification for a pure, self-regulating market economy than could be found in the work of Adam Smith himself. Yet, neoliberalism—it is important to understand—also has its politcal component in the dominant model of liberal democracy, termed “polyarchy” by one of its leading proponents, Robert Dahl.
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