The philosophy of neoliberal economics: Ideological foundations, critical contestations, and contemporary relevance

This opinion paper critically examines the philosophical underpinnings of neoliberal economics as an ideological project that has fundamentally restructured global political economy since the late twentieth century. Drawing on intellectual traditions spanning classical liberalism, Austrian economics, Chicago School monetarism, and poststructuralist critiques, the paper interrogates neoliberalism not merely as a policy framework but as a comprehensive philosophical worldview predicated upon the primacy of market rationality, the epistemological supremacy of price signals, the ontological centrality of the entrepreneurial self, and the subordination of political authority to economic imperatives. The paper argues that neoliberalism constitutes a coherent, if internally contested, philosophical system that has successfully redefined the parameters of legitimate political-economic thought. At the same time, it identifies fundamental contradictions within neoliberal philosophy—particularly its simultaneously naturalistic and constructivist character, its tension between individual freedom and structural coercion, and its epistemological overconfidence in market mechanisms as information processors. The paper concludes by assessing the implications of these contradictions for contemporary economic governance, with particular reference to emerging economies, and argues that a philosophically informed critique is essential for the development of viable post-neoliberal alternatives. This analysis carries significant relevance for researchers in business management, institutional economics, and public policy, particularly in the context of Global South economies navigating the legacies of neoliberal structural adjustment.