To add a little wrinkle to this, the neoliberal heel turn was in response to a deepening global crisis in the 1970s through to the 90s, where the "golden age" of post-ww2 capitalism ended and Keynesianism failed to produce the goods anymore as the rate of profit began to fall and welfare systems became increasingly burdensome on the valorisation of capital. The fall of the Eastern bloc socialist states and the USSR were basically the culmination of this era of global decay (and the point in which people began to truly realise the level of rot that had set in to the global world-system with the collapse of their economies under neoliberal shock therapy), that was only inverted within the East Asian economies like China and South Korea that had begun a period of ascendancy.

One of the key impacts causing this rot was the increasing globalisation of capital and its free-flow out of the imperial core, while the freedom of movement of labour was restricted. This, along with the increase in the organic composition of capital as technological revolutions made labour costs in the imperial core an increasing drag on their economies, encouraged the movement of industrial capital out of the core to be replaced with fewer jobs that required higher education, deepening the crisis in the legitimacy of "full employment" Keynesianism, as the neoliberals ended the position of the state being the "employer of last resort".