Neoliberalism is a force for good in the world, President of the Adam Smith Institute Madsen Pirie argued in the Telegraph this morning. His article noted:

Although the term "neoliberal" is meant as an insult, it need not be. It stands in contrast to the Marxist position of Labour, and the illiberal, protectionist and sometimes xenophobic attitude set against it. Neoliberalism is a viable third alternative.

Neoliberals regard most people as best equipped to make their own decisions about life, and should not be subject to the arbitrary will of other people. They see markets as the most efficient and humane way to allocate resources and to let people determine their priorities. They welcome the fact that the global spread of market economies has lifted billions out of poverty and deprivation and has improved living standards as never before in human history.

Sometimes names become bywords for unpleasantness – it happened to Boycott and Quisling, and might yet happen to Corbyn. But sometimes insults become commonplace descriptions. "Tory" once referred to Irish bandits, but the party now embraces the name, and the same could work for neoliberalism. The Adam Smith Institute has just taken the first step by calling itself a neoliberal, free-market think-tank.