Melinda Cooper's work illustrates how the neoliberal economic discourse of the 1970s, emphasizing austerity and fiscal responsibility, was adopted by social conservatives as a counteraction to leftist movements.
In Counterrevolution: Extravagance and Austerity in Public Finance, Cooper frames the 1980s shift to neoliberalism as a counterrevolution aimed at undermining Keynesianism and leftist public finance agendas.
She argues this 'counterrevolution' involved budget balancing and tax breaks for the wealthy to limit leftist social movements motivated by the Keynesian welfare state.
Cooper suggests that Keynesian welfare state mechanisms, while enabling support for public services and wages, also opened avenues for workers to demand higher pay and wealth redistribution.
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