 In light of this recent historical work, we are now in a position to understand neoliberalism as a distinctive political theory. Neoliberalism holds that a society’s political and economic institutions should be robustly liberal and capitalist, but supplemented by a constitutionally limited democracy and a modest welfare state. Neoliberals endorse liberal rights and the free-market economy to protect freedom and promote economic prosperity. Neoliberals are broadly democratic, but stress the limitations of democracy as much as its necessity. And while neoliberals typically think government should provide social insurance and public goods, they are skeptical of the regulatory state, extensive government spending, and government-led countercyclical policy. Thus, neoliberalism is no mere economic doctrine. According to Biebricher, neoliberalism