http://www.opendemocracy.net/ourkingdom/mike-rustin/after-neo-liberalism-in-britain
The "success" of Thatcherism and Reaganism was only possible because of the possibility of revived economic growth based on new and increased oil supply for the U.S. and U.K. Now, following decline of nearly all fossil fuel energy sources, and the need to import more and more of them, we face vastly increasing wealth transfers to energy-rich countries. This is what proved to be the tipping point for the 2008 financial crisis, as home owners could no longer afford food, energy, and mortgage payments combined - thus starting a chain of events that exposed silly and illegal financial sector manipulations to public scrutiny.
Now, following peaking of world oil supplies, world-wide economic growth (as well as growth in westernized economies), which for the last century has always correlated strongly with oil supply, will be negative for the remainder of this century. This could play out as a fight over ever- diminishing food supplies, since the world food production system is at least 90% dependent on oil and natural gas. I expect the resulting economic decline to result in constantly changing political election results as populations flail around trying to find someone who can lead us out of this trap - to no avail.
For individuals, probably the only way to cope will be to engage in something like the Transition Initiatives begun in the British Isles, and copied now in parts of the U.S. The focus of these TIs is relocalization of all of life's necessities, as well as localized economic systems and currency.
http://www.globalissues.org/article/39/a-primer-on-neoliberalism#FreeMarketsWereNotNaturalTheyWereEnforced
