Fund Strategy By Daniel Ben-Ami
Back during the financial crisis of 2008-09 it became fashionable to argue that a pervasive free market orthodoxy - also known as “market fundamentalism” or “neoliberalism” - had died.
Yet several prominent figures who wrote its obituary back then have more recently recanted.
Joseph Stiglitz, a Nobel laureate and former chief economic adviser to President Bill Clinton, is perhaps the most high-profile figure to have recanted. After the collapse of Lehman Brothers in September 2008 he stated without equivocation that “market fundamentalism is dead”. Yet in a widely circulated column for Project Syndicate last week, he said it had made a comeback: