First, they challenged the New Liberal claim that the operations of the unadulterated free market endangered capitalism using the counterargument that the market had a long-run evolutionary structure that government intervention could neither change nor predict. As such, intervention is always and everywhere harmful. Moreover, because government interventions produce market distortions and malinvestments, they were the source of credit booms and busts. Markets were stable unless they were interfered with. Capitalism wasn’t inherently unstable: government made it so.

Mark Blyth, Austerity, loc. 316