Freedom for Capital, Not People

The definitive history of neoliberal monetary thought

Based on new archival sources, Freedom for Capital, Not People tells the story of how the Mont Pèlerin Society transformed the world economy. Founded in 1947 by economist Friedrich von Hayek, by the turn of the 1970s the society commanded influence at the highest levels of international monetary policy – with debates sparked by Hayek, Milton Friedman and Ludwig von Mises emigrating from the seminar room to the halls of power. The group’s collective agenda, the result of years of fierce argument and shrewd political strategising, would dominate the next half century of global capitalism."Matthias Schmelzer’s book is vital for understanding why democratic governments are today under attack. His rigorous enquiry into postwar economic debates unearths the neoliberal ideas that went on to unleash capital against democracy"
—Ann Pettifor, author of The Case for the Green New Deal

"With Bitcoin and gold at historic highs and dollar hegemony showing cracks, it is more urgent than ever to understand the politics of money. This book shows how neoliberals’ divisions over the question helped create the contemporary world. Which side wins out will shape the future"
—Quinn Slobodian, author of Globalists

"Beautifully translated by Joshua Rahtz, Schmelzer’s compelling analysis traces the forging of a neoliberal consensus on international monetary reform within the Mont Pèlerin Society and its influence on the upheavals of the early 1970s, with legacies that endure today"
—Eric Helleiner, author of The Contested World EconomyMatthias Schmelzer is an economic historian and social theorist based in Berlin. He is the author of the award-winning The Hegemony of Growth: The OECD and the Making of the Growth Paradigm and co-author of The Future Is Degrowth: A Guide to a World beyond Capitalism.