Some years ago I read Masters of the Universe by Daniel Stedman-Jones, a history of the Mont Pelerin Society with a focus on how it came to have such a profound influence on policy, first in the UK and US through Thatcher and Reagan, and subsequently on the whole western world. It made a big impression on me, opening my eyes to the Milton Friedman assertion about how important it was to make sure the ‘right’ ideas were around, in the air, when a moment of crisis created political opportunities. The Mont Pelerin economists had kept the free-market faith from 1945 onwards, working at building their institutional network (mainly via Chicago) and seeding their ideas.
I’ve now read The Great Persuasion by Angus Burgin, which covers the same history from a slightly different perspective. Its emphasis is less on the practical politics, more on the evolution of the ideas of the Society’s members (including its internal rifts). One of the same points about Hayek and his colleagues jumps out, though: “In adopting this strategy [avoiding policy engagement], they demonstrated an extraordinary faith in the capacity of abstract ideas to generate substantive political change,” Burgin writes.
Indeed Milton Friedman, a great communicator, was one of the first leading lights to embrace public engagement much more actively – his most influential article was probably a New York Times essay, on maximising shareholder value, still distorting our economies. The book also underlines how much the core ideas of the Society shifted over time, from an initial postwar insistence on the importance of government and rebuttal of ‘Manchester’ laissez faire, with the shift from Europe to Chicago and the growing influence of right wing American donors – and of the dominance of economists as opposed to philosophers.
The two books are good complements, along with Quinn Slobodian’s books on neoliberalism. I haven’t yet read his latest, Hayek’s Bastards, but the earlier Globalists is well worth a read.