Liberal democracies are under increasing pressure. Growing discontent about inequality, lack of political participation and identity have rekindled populism and a shift away from liberal values. This book argues that liberalism's reliance on a utilitarian policy framework has resulted in increased concentrations of power, restricting freedom and equality. It examines five key areas of public policy: monetary policy, private property and liability, the structure of the state, product markets and labour markets. Drawing on the German ordoliberal tradition and its founding principle of the dispersal of power, the book proposes an alternative public policy framework. In doing so, it offers a practical pathway to realign policy making with liberal ideas.

Thomas Aubrey is the founder of Credit Capital Advisory. Previous books include Profiting from Monetary Policy (Palgrave Macmillan 2012) and Prediction Markets: The End of the Regulatory State? (European Policy Forum 2007) co-authored with Professor Frank Vibert.