For the second time in four years the U.S. electorate has voted against neoliberalism. The scale and the meaning of the victory has been underestimated as conservatives and liberals alike emphasize the vote count for the Democrats and the Republicans. Roughly 61,900,000 people voted for Obama and 58,650,000 chose Romney. The apparent proximity of these numbers should not obscure other understandings of the victory.
One of the entertaining characteristics of Ronald Reagan's first cabinet was that most of its members wore a tie bearing a cameo profile of Adam Smith. The new team had a clear vision: it was time to replace the statist capitalism theorized by John Maynard Keynes with the free market capitalism espoused by An Inquiry into the Nature and Causes of the Wealth of Nations.