The word has been around for many decades now, but only recently has neoliberalism been a topic of interest in the American cultural mainstream. Pundits and media observers have appealed to it with increasing frequency to describe the incessant march of oligarchs and right-wing politicians toward long-term control of the national and global economies – control that, in their rhetoric, creates wealth accruing to everyone, but which we have seen over time is really a boon to the very wealthy.

How did this situation come to be, what does it really mean, and what happens next? Neoliberalism began as a backroom conversation between well-meaning intellectuals who tried to concoct safeguards for the global economy after the world-wide meltdown of the Great Depression; but it rapidly morphed into something much less noble, becoming an arsenal of toxic ideas and questionable policies that have brought harm, not just to Western economies, but throughout Western society as it fueled inequality and truncated the ability of governments to protect their citizens. Neoliberalism has taken some hard knocks, and its prevalence in public debate today demonstrates that awareness of its dangers and documentation of its sins have diminished its impact.

But it’s still with us – and only by understanding it more fully and formulating firm response to it can we prevent its resurgence. .