RIP, neoliberalism. Its ghosts live on

The concept of neoliberalism is no longer relevant in modern political discourse, as evidenced by its rejection by both populist left and right movements worldwide. Despite its market-based policies still shaping major economies, the term itself has lost its meaning and no longer facilitates a meaningful debate about markets and government.

This analysis, published in the Wall Street Journal, argues that the political vocabulary surrounding neoliberalism, including communism and capitalism, is obsolete. The reason behind this is twofold: first, there is no single agreed-upon definition of neoliberalism, ranging from the belief that markets work better than governments to a more general critique of global capitalism; second, no one identifies with the term, as it is mostly used in academic, media, and think tank circles rather than in real life.

The real issue, according to the author, is corporate power, not enterprise itself, as evidenced by Gallup polls showing that Americans prefer free enterprise over capitalism but still associate free enterprise with choice, innovation, and personal advancement. The term neoliberalism, therefore, fails to capture what people truly want, making it an ineffective label for the policies they support or oppose.