Neoliberal ideology is a crock of shit and everyone left of Labour knows it. Critics have pointed out its flawed assumptions regarding perfect competition, consumer access to information, human nature and a host of other factors that nowhere apply in the real world. They’ve also pointed out that where neoliberal policies have been applied, the results have often been disastrous and rarely matched the promised outcomes of prosperity for the rich and trickle down for the poor. One famous example was the so-called J-curve model for transitioning the former USSR to Western-style capitalism. The ‘J’, a small downswing in transition followed by a long upswing when neoliberal policies worked their magic, turned into something more resembling an ‘L’, plunging millions into worse poverty than before.
And then there’s the cuts.