OPINION: The destruction of Liz Truss shows what happens when the argument for economic freedom isn’t made.
generates economic growth, there’s every chance you’ll be abused for believing in “extremist, crank, experimental think-tank economics”.
According to William Hague, the reaction of the financial markets to the mini-budget of Truss and Kwasi Kwarteng, her former chancellor of the exchequer , means the idea that “Britain can break out of the economic orthodoxy she [Truss] derided with tax cuts that spark a resurgence of growth is dead”.
Hague is perceptive enough to realise the consequences of his argument. He asks: “What is the future of political ideas? What do the parties do if they neither have the chance to shrink the state nor the room to expand it?” His answer is that because “ideology is dead”, elections should be “a contest of managerial and technocratic leadership”.
If neoliberalism really ever did control the commanding heights of the economy, it certainly doesn’t now. It’s in a back alley behind the dumpster.
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