Monetarism mainstreamed Austrian and ordoliberal economic ideas

Evidence

By giving us a new set of reasons why state intervention to compensate economic downturns can only end up producing inflation, monetarism helped naturalize Austrian and ordoliberal ideas, pulling them off the fringe and into mainstream acceptance. — Mark Blyth, Austerity, 412

Categorization

• XREF: Directly traces the intellectual lineage of ideas that Mattei’s work on austerity and the ordoliberal/balanced-budget consensus builds on; this is a bridging argument for the reader’s austerity foundational project. — connects to: Austrian economics interprets corporate cash hoarding in recessions as rational fear of state expropriation — Mark Blyth, Austerity: The History of a Dangerous…, 395; Austrian business-cycle theory has a submerged US history dating to the 1920s via Schumpeter — Mark Blyth, Austerity: The History of a Dangerous…, 397; Austrian business-cycle theory correctly describes asset bubble dynamics but offers no policy — Mark Blyth, Austerity: The History of a Dangerous…, 398 (+7 more)
• SEED: An article angle: how a fringe school of economic thought becomes mainstream — monetarism as the Trojan horse that carried Austrian and ordoliberal anti-stimulus ideas into the policy consensus.

Broader Connections

• Monetarism and ordoliberalism shared personal and institutional connections in Germany #corroborates (0.85) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 632
• 1970s stagflation discredited Keynesian demand management and empowered monetarism #expands (0.80) — Donald MacKenzie, An Engine, Not a Camera, 47
• Anti-Keynesianism and Austrian marginalism unite the two neo-liberalisms #corroborates (0.80) — Michel Foucault, The Birth of Biopolitics, 527
• German ordoliberals and Austrian neoliberals differ only in emphasis, not substance #corroborates (0.80) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 500
• Monetarism displaced Keynesianism through a staged diffusion across elite institutions #expands (0.75)
• Neoliberalism pivoted from the economy to the framework encasing it #corroborates (0.70) — Quinn Slobodian, Globalists, 88