Neoliberalism and the Global Financial Crisis

Abstract

Abstract First I make a case for the possibility of defining neoliberalism in a sufficiently evident and coherent way as a programme of resolving problems of, and developing, human society by means of competitive markets. Second, I argue that the more narrow, technical and short-term one’s definition of Keynesianism is, the more plausible the claim about a new era of Keynesianism may seem. A multidimensional comparison between ideal-typical models of social democracy and neoliberalism shows, however, that the ongoing global economic crisis has so far prompted responses that are leaving neoliberalisation intact in most dimensions and may even elicit further neoliberalisation. I conclude by discussing the limits of thinking about ideologies in territorial-statist terms. The current era may well be replaced by an era of green global Keynesianism; but a full-scale return to mere national social democracy is unlikely, especially given the discrepancy between the reaches of territorial states and private capital operating in competitive, liberalised world markets

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