Reconstructing Liberalism: Hayek, Lippmann and the Making of Neoliberalism

Neoliberalism is a contested concept. The term was coined in the late 1930s / early 1940s to describe the emergent theory shared by different thinkers such as Friedrich Hayek, Walter Eucken, Henry Simons, Wilhelm Ropke and many others. While the Walter Lippmann Colloquium in 1938 is often considered a crucial moment in the reconstruction of liberalism, little attention has been paid to the process that led Walter Lippmann to become one of the most important contributors to the neoliberal movement. This article argues that focusing on Lippmann's social philosophy allows a better understanding of the basis of the construction of neoliberalism as well as enhancing understanding of Hayek's work in the same period.