Neoliberalism Reverts to National Market Liberalism

Global neoliberal institutions are fracturing and will not be fully re‑embedded in cosmopolitan social‑democratic arrangements; instead the marketized practices and elite capture of neoliberalism will persist, but confined within nation‑states that combine plutocratic openness for winners with closed, xenophobic controls for outsiders. That hybrid produces a stable but socially corrosive equilibrium — more spectacle, less cosmopolitan mobility, and more domestic inequality backed by state power. — If correct, this reframes policy debates away from simply 'globalization yes/no' toward managing entrenched, domestically rooted market elites and the political coalitions (populist and authoritarian) that support them.