I don't know how much "social democratic philosophy" is left when you get rid of the socialists, and choose Capitalism as your defining financial preference/policy.
You need elements of redistribution and market intervention to have a genuine socially democratic philosophy. The things "Market Liberalism" introduced as "economic rationalism" took over the establishment left were: Privatization, liaising with big business, tax reduction, restrictions on unionism, enterprise/individual bargaining, financial deregulation... so I think claiming there's anything "socially democratic" left at that point is a bit rich.
It was an attack on humanism in my opinion.