Audio-book Review
By Chet Yarbrough
Blog: awalkingdelight)
Website: chetyarbrough.blog
The Rise and Fall of the Neoliberal Order (America and the World in the Free Market Era)
By: Gary Gerstle
Narrated by: Keith Sellon-Wright

Gary Gerstle (Author, Professor of American History and Fellow in History at Sidney Sussex College, University of Cambridge.)
Gary Gerstle’s history of the “…Neoliberal Order” is tiresome to listen to but gives weight to American belief and practice of freedom regardless of political affiliation or interest group association. Gerstle’s history is tiresome because of its labeling, not because of its historical accuracy. Whether one is a conservative, liberal, or neoliberal is superfluous.
Americans pride themselves on being beacons of freedom when in truth they are opinionated advocates of self-interest hiding behind political labels.

Gerstle’s history shows every President of the United States has been elected by the prevailing sentiment of the time. (To date, Presidents of the United States have always been men because of humanity’s history of misogyny.) The common thread of America’s leaders is their belief in freedom. In America, that freedom is limited by “rule of law” created by two branches of a popularly elected legislature. Sadly, as shown by Gerstle’s history, America’s “rule of law” has historically victimized the powerless and poor.

Belief in freedom has justified slavery, led to a civil war, given America the emancipation proclamation, voting rights for women, and created vituperative media manipulators like Rush Limbaugh, trolls like Alex Jones, and media conglomerates like Fox News.
The difficulty of American democracy is in knowing where to draw the line between freedom and rule of law that regulates excesses and treats all citizens equally. Guilt finally rose to the level for the emancipation proclamation to free slaves, and voting rights for women in 1920, but Black Americans and women are still seeking equal rights.
Gerstle accurately reveals America’s adaptation to the will of an ethnic majority to circumstances of different eras, whether it is enrichment of the rich, preparation for war, recovery from economic depression, or adjustment to the threat of global warming.

The strength of America democracy is its flexibility in dealing with societal change, with the caveat that government tends to protect the status quo.
Communal self-interest changes with the circumstances of its time. Self-interest is immutable in one sense and highly fungible in another. The power of money influences elections and government policy that aids the moneyed, often at the expense of the powerless and poor. Communal self-interest is reenforced by the right to vote but the economic advantage of government policy goes to the rich and middle class because that is where the money is that supports election campaigns.

Gerstle notes that in the 21st century, particularly with the ubiquity of media, the challenge for the public is to know the difference between propaganda, lies, and truth.
Gerstle infers history shows America takes the course of moneyed interests in elections whether it is one or the other of the three challenges to the public. Sadly, propaganda and lies are often believed by the public to be truth.
Gerstle recalls how the flood gate of media technology opens and its flood takes hold of America during the second term of the Clinton administration. Clinton chose to eliminate the Glass-Steagall Act that was designed in 1933 to prevent another Depression.

Clinton recognizes the world is at the precipice of the tech revolution. During the industrial revolution, banks were steered away from volatile equity markets by the Glass-Steagall Act. Clinton, with the help of Republicans like Newt Gingrich, wanted to loosen the chains of investment banks so the technology revolution could blossom. Neither Democratic nor Republic Presidents reversed that decision after the Clinton presidency.

In part, one might argue the near banking collapse in 2008 could have been avoided if the Glass-Stegall Act had been left in force.
Worse, in the 2008 financial debacle, stockholders in at risk banks were bailed out by the Obama government while overstretched homeowners were left with mortgages they could not pay. The rich were bailed out while the poor were bankrupted.
The three banks that failed in May and March of 2023 are arguably a consequence of the volatile investments made in technology companies, a second threat to the banking industry in the 21st century.

The choice of the government in 2023 is to replace depositors’ funds in excess of FDIC limits to avoid the loss of their businesses from the profligate investments by these three banks. The difference between the 2008 bailout and the 2023 government response is bank’ stockholders were not bailed out by the government while other banks took over their portfolios.
Gerstle’s history clearly shows American Democracy’s failures are non-partisan. Both Republican and Democratic leaders fail the poor and powerless populations of America.

That failure is not because of a failure of democracy but because of poorly regulated capitalism. Karl Marx explained democracy is a first step toward communism. One can disagree with that conclusion by noting self-interest is a part of life that makes the ideal of communism unattainable. What is attainable is a democracy that improves public education and mandates business legislation that ensures and enforces social equality and equal opportunity.

American Democracy needs to erase lobbyist, industry, and individual financial donors’ influence on government political campaigns.
Democracy is a work in progress, but it is the best form of government known today. Capitalism is the engine of economic growth that works in all forms of government. In today’s world, capitalism offers the greatest opportunity for humanity in any form of government, but particularly in Democracy.
In the 21st century, it seems democracy is evolving to meld the best of socialism with the self-interest of capitalism.

Democracy struggles with the principles of regulated freedom. Gerstle’s history shows democratic freedom, limited by rule of law, remains at the heart of what can truly make America Great. What gets in the way is the greed of moneyed interests that elect leaders who become dependent on a minority of American society.

Gerstle’s recounts the history of the second Bush’s administration’s misguided and disastrous invasion of Iraq.
The bloody toll of America’s invasion and failed reconstruction of Iraq illustrates the hubris of American belief that democratic freedom works for all nations of the world.
The invasion and reconstruction of Iraq is shown to be an American failure by any measure of societal improvement.

Gerstle shows the election of Donald Trump is a triumph of the disaster of believing American Democratic elections are in the best interest of its citizens. Trump’s administration mocks the ideals of American Democratic government and freedom. Rule of law is a joke to Trump as evidenced by the many indictments and denials of America’s former President. Gerstle notes how unprepared Trump was to become President of the United States.

By any measure, Trump is shown by Gerstle to have damaged America’s image in the world.
Gerstle’s history shows Democracy needs to be regulated by rule of law. Self-interest is unlikely to disappear from human nature which puts all societies at risk. Any form of government can become autocratic but taking the influence of money out of elections leaves hope that citizens of Democratic nations will have a chance to live well, and in peace.






































































