In reply to the comment by Andrew Farrant and Edward McPhail on Ben Jackson's article ‘At the origins of neo-liberalism’, this communication briefly examines the development of the political thought of Friedrich Hayek in the 1940s. It argues that the chronology of Hayek's critical analysis of the ‘Keynesian welfare state’ is more complex than Farrant and McPhail suggest. Farrant and McPhail underestimate the extent to which neo-liberalism in the 1940s was a body of ideas in flux, trying to come to terms with a changing political context, but not yet achieving a mature and stable ideological statement.
