• Truss has discredited high-octane, free-market economics – perhaps for ever | Conservatives | The Guardian
      https://www.theguardian.com/politics/2022/oct/20/liz-truss-resignation-brexit-brexitism

      For one thing, in those short few weeks, Truss may well have killed off an ideological project that has animated sections of the right, in Britain and across the democratic world, for the best part of half a century. The vision was of a low tax, low regulation society where the richest are freed to unleash their awesome talents and make themselves even richer.

      According to this vision – whether you call it Hayekism, ultra-Thatcherism, Reaganism or economic libertarianism – when the fortunate few at the top soar ever upwards, some of their wealth trickles down to those at the bottom. Versions of it have held sway at different periods in Britain, the United States and beyond.

      Now, though, such dreams will be branded as Trussonomics – and that label will be the kiss of death. In six short weeks Truss has discredited high-octane, free-market economics, perhaps for ever.

      She tried it, undiluted, as her ideological soulmate and chancellor Kwasi Kwarteng delivered a mini-budget on 23 September that was a magnum of full-strength trickle-down served neat, a plan that read less like a fiscal programme for government than a provocatively extreme pamphlet drawn up by the Institute of Economic Affairs (IEA) (or any of the other outrider organisations headquartered at Truss’s spiritual home, 55 Tufton Street).