Beyond Neoliberalism: and the Case for a New Value-Based Order
For the past four decades, we’ve lived in a world driven by neoliberalism, a political and economic model that centres on global trade, free markets, and the maximisation of economic growth through liberalisation and privatisation. Proponents argue that this model has made us wealthier and more developed than ever. Yet, beneath the surface, there are critical flaws in neoliberal thinking that are becoming increasingly apparent, from diminishing societal cohesion to a loss of political direction. To understand why we need to question neoliberalism and consider an alternative vision that prioritises family, community, fairness, and true economic independence, we must begin by assessing the failings of the current system.
Neoliberalism: Growth or Illusion?
The neoliberal argument that “we’re wealthier now than we were 40 years ago” often rests on surface-level indicators like GDP growth, market expansion, and technological progress. Yet, these metrics fail to capture the real experience of ordinary people. Yes, the economy has grown, but at what cost? Much of this growth has relied on accumulating debt and inflating asset values rather than producing real value or meaningful opportunities for most people. We’re depleting our financial and natural capital to sustain growth that primarily benefits those at the top, driven by fiat currency systems that can artificially inflate economic figures without reflecting genuine prosperity or stability.
A Weak and Directionless Political Order
Neoliberal politics have created a system where economic priorities overpower almost every other aspect of life. The phrase, “It’s the economy, stupid,” has fuelled a belief that nothing matters more than trade and economic performance. This narrow view has weakened political will, drained social energy, and eroded common sense. Our politicians, by and large, seem incapable of meaningful action without the backing of large business lobbies, and their priorities often reflect the interests of corporations rather than those of their constituents. As a result, our political class appears weak and ineffective, with little motivation to serve the wider public interest.
Neoliberalism, by placing so much emphasis on economic measures, has diluted the fundamental values that bind society. The sense of community, collective well-being, and shared identity has been undermined by an approach that promotes individualism at any cost, favouring the power of capital over the needs of people. Instead of nurturing a balanced, fair, and thriving society, neoliberalism has largely fuelled a race to the bottom where profit trumps all else.
The Downsides of Pure Economic Focus
The relentless focus on trade and economic metrics has left society drained. People have been conditioned to see value in purely economic terms, neglecting the importance of social ties, civic engagement, and cultural heritage. Many individuals feel isolated and disconnected in a world that prizes consumption and material wealth above all else. Meanwhile, real wages for the average worker have stagnated, job security has weakened, and the cost of living has outpaced earnings for many people. Neoliberalism’s “growth” has ultimately concentrated wealth in fewer hands and created a culture of hyper-individualism that alienates people from each other.
The Need for a Shift Towards Traditional Values
It’s time to re-evaluate our priorities and consider a value-based approach to governance. We need to embrace values that emphasise family, community, and shared responsibilities. A conservative, social democratic society that upholds equality before the law, champions opportunity, and respects individual rights offers a compelling alternative. This vision is neither socialist nor authoritarian but is grounded in a realistic and humane approach that recognises the importance of stability, fairness, and compassion in maintaining a healthy society.
Key Values of a Balanced Society:
1. Family and Community: Family is the foundation of society. Strong family and community ties foster support networks, resilience, and shared responsibility, which are crucial for social stability.
2. Economic Independence for Small Businesses: Supporting small businesses fosters economic independence and innovation. Unlike large corporations, small businesses are often embedded in their communities, reinvesting in local economies rather than extracting wealth for shareholders.
3. Equality Before the Law: Society must be grounded in a fair legal system that treats all individuals equally, providing everyone with an equal opportunity to succeed without special treatment based on identity.
4. Humanism and Moderation: Emphasising humanity in policy-making means focusing on what is best for people’s well-being, not just what benefits the economy. Moderation keeps society balanced, avoiding extremes that lead to social division and unrest.
5. Realism and Practical Governance: Policies must be based on real-world needs and challenges. This approach rejects ideological battles and focuses instead on practical solutions to social issues, whether economic, environmental, or cultural.
6. Moderate Religious and Moral Framework: Moral values, often influenced by religious beliefs, can help guide society toward compassion and social responsibility without enforcing rigid doctrines.
Moving Beyond the Divisive Politics of Today
One of the most destructive aspects of contemporary political discourse is the rise of identity politics and culture wars, which often divert attention from pressing issues like economic disparity, healthcare, and environmental sustainability. While inclusion and diversity are valuable, they should not come at the expense of merit and capability. Affirmative actions and policies rooted in identity have, in some cases, deepened divisions rather than promoting unity.
By focusing on economic empowerment, family values, and equal legal protections, we can create a system that promotes both individual and collective well-being. This approach is neither about exclusion nor about neglecting diversity but rather about building a fair society where every individual has the same opportunity to succeed based on merit.
A Call for Common-Sense Governance
In the end, what we need is common-sense governance that considers the well-being of all citizens. This means looking beyond short-term economic gains and prioritising the social fabric that holds society together. It means building a society where people feel they belong, where they have access to real opportunities, and where their leaders are genuinely invested in their welfare. Neoliberalism has shown its limitations, and while economic growth is important, it cannot be the only measure of a society’s health.
To move forward, we need leaders who are willing to stand up to corporate interests, reject superficial economic indicators, and focus on a broader, more inclusive vision of prosperity. This vision would foster individual freedoms, small business growth, equality under the law, and a sense of shared responsibility. It would be a society that rewards hard work, values stability, and sees wealth not just in financial terms but in the well-being of its citizens.
In Conclusion
The neoliberal focus on growth has overlooked the importance of human connections, societal stability, and true economic opportunity. To counterbalance this, we must embrace a value-centred approach that champions family, community, individual enterprise, and equality before the law. Moving forward, let us prioritise these values to create a society where people thrive not just economically but as a cohesive and compassionate community.
