The Demise of Liberal Economics and the Emergence of Conservativism

Abstract

The demise of liberal public policy discussions in recent years can be traced to the abandonment of the spirit of civilization by many economists and politicians who previously labelled themselves as liberal. The 1960s culminated in a ‘liberal’ Administration that was simultaneously promoting the ‘Great Society’ of social welfare programmes and the Vietnam War. The unpopularity of this uncivilized war eroded the credibility of those who espoused the importance of civic values and led to the election of Richard Nixon who held particularly strong conservative views. At the same time, the promise of liberal economic analysis was betrayed in academic and intellectual circles by the erosion and near collapse of the core ideas that supported it.