Excerpt: /296/ Last-Gasp Neoliberalism (Trussonomics)

On Trussonomics.

 

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Having stumbled upon a successful recipe under Boris Johnson which would see greater state intervention, Britain's Tories then pivoted to a much more pro-market approach. But the markets haven't liked it – they've hated it.

 

What does this say about neoliberalism and what the new orthodoxy is? Why did markets react so badly against a budget that featured things they normally like, such as lower rates of corporate taxes? And does this mean the market's authority has been restored, but under a new guise?

Readings:

• Liz Truss’s Britain Is a Morbid Symptom of the World’s New Era, Adam Tooze, Foreign Policy
• The markets are wrong about ‘Trussonomics’ just like they were about Brexit, Julian Jessop, Telegraph
• What is Kwasi Kwarteng really up to? One answer: this is a reckless gamble to shrink the state, Adam Tooze, Guardian
• Britain's Tory Meltdown Is a Case of Socially Determined Stupidity, David Jamieson, Jacobin
• The economic consequences of Liz Truss, Martin Wolf, FT