Central bank lender-of-last-resort functions were redesigned as part of the neoliberal project.

Evidence

35 Perry Mehrling (The New Lombard Street) has been one of the few to highlight these recent alterations in functions, only to praise them as an obvious extension of Bagehot’s principle of central banks acting as lenders of last resort. He might be less pleased to regard them as one integral component of the neoliberal policy response. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 2339

Categorization

• XREF: Connects to Mirowski’s broader thesis of the thought collective — Mehrling praised the same changes Mirowski reads as neoliberal capture.