neoclassical counterrevolution

The term "neoclassical counterrevolution" refers to a resurgence of classical liberal economic and political ideas, particularly prominent from the 1970s onward. This movement challenged the prevailing modern liberal approach, which favored government intervention to address issues like poverty and inequality.

Key figures like Friedrich von Hayek and Milton Friedman argued that extensive government intervention, particularly in economic policy, could lead to negative outcomes such as inflation and even totalitarianism. They advocated for a return to principles of classical liberalism, emphasizing free markets, minimal state intervention, and economic growth as the primary drivers of progress. This ideology, often termed neoliberalism, gained significant political traction, influencing policies in countries like the United States and the United Kingdom during the late 20th century.12