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The Ideas of the Chicago School and the Structural Contradictions of Neoliberalism

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The Legitimation Crisis of Neoliberalism

Abstract

This chapter continues the review of the basic tenets of neoliberalism through an analysis of salient ideas of two key members of the Chicago School of Economics: Milton Friedman and Gary Becker . It is stressed that Friedman provided a rationale for the desirability of supply-side economics and a justification of the notion of socio-economic inequality . Becker’s notions of “homo economicus ” and “human capital ” provided the tools to legitimize individual competition , individuality , and individual responsibility as they were presented as indispensable for the good functioning of the economy and society. The chapter concludes by stressing the contradictions embedded in the neoliberal notions of competition, inequality, and uncertainty .

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Authors and Affiliations

  1. Department of Sociology, Sam Houston State University, Huntsville, TX, USA

    Alessandro Bonanno

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  1. Alessandro Bonanno
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Correspondence to Alessandro Bonanno .

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Bonanno, A. (2017). The Ideas of the Chicago School and the Structural Contradictions of Neoliberalism. In: The Legitimation Crisis of Neoliberalism. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-59246-0_5

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  • DOI: https://doi.org/10.1057/978-1-137-59246-0_5

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  • Publisher Name: Palgrave Macmillan, New York

  • Print ISBN: 978-1-137-59245-3

  • Online ISBN: 978-1-137-59246-0

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