Neoliberalism and Social Market Economy explained by Rolf Lüders: Why it matters for the EU to understand the early stage and later stage variant (excerpt from Buenos Aires Times, 3 nov 2025)

Below is a link to an interview with one of the last 'Chicago Boys', Rolf Luders. He explains both the concepts of Neoliberalism and Social Market Economy, implementation changes in 1982 in Chile and how it differs from the unrestrained 'libertarian capitalism' without/with technically no state and why it does not work according to him. The relevance of this analysis for Calibrated Capitalism is that it sheds light on what challenges can be expected to this model in a liberal democratic context, how to protect it and what kind of risks there are on the outskirts or from competing models, or potential blowback from the rough edges of the earlier variant. This may be especially true for the Eurosystem as it has adopted this moderated social market economy that respects liberal democratic rules,  while competing against autocracies and illiberal regimes. You can find the article below or read the excerpts. 

https://batimes.com.ar/news/economy/milton-friedmans-last-chicago-boy-has-warning-for-javier-milei.phtml