Neoliberalism works in Taiwan, Hong Kong, and Singapore. They are rated as the freest economies by the Heritage Foundation. No starvation or shantytowns there.
First of all, I would never read anything that the Heritage Foundation says about anything, nor would I trust any of their scales, which are probably rigged so that rich countries mysteriously end up with the “freest economies” and poor countries somehow end up with the “least free” economies.
Anyway, capitalism can definitely create wealth. Anyone knows that.
The post asked why it can’t do stuff like feed people, educate them, give them medical care, give them decent clothes and housing, transportation and full unemployment. Obviously, neoclassical economics is a complete disaster as far as all that goes.
Hong Kong is full of the most horrible shantytowns that lack even the most basic services. It’s truly awful.
Singapore is a social democracy. Plus it has very heavy state involvement in the economy (corporatist), unless I am mistaken.
Taiwan is another state in which the state is heavily involved in working with industry to plan the development of the capitalist economy. This is the corporatist model that is typical in that region. South Korea and Japan area also corporatist states. Taiwan appears to be a social democracy. They also did a huge land reform in the early days. In addition, their economic growth was predicated on decades of protectionism as they used trade barriers to protect their nascent industry from foreign competition.
Neoliberalism is opposed to land reform, social democracy in any and all forms, protectionism and trade barriers, and in particular to corporatism.
Even if those countries were running according to the neoliberal model (and it’s not clear if they are), one must ask why it is succeeding there and failing everywhere else.