Neoliberalism and the global financial crisis

Patomaki, H 2009, 'Neoliberalism and the global financial crisis', New Political Science, vol. 31, no. 4, pp. 431-442.


Document type: Journal Article
Collection: Journal Articles

Title Neoliberalism and the global financial crisis
Author(s) Patomaki, H
Year 2009
Journal name New Political Science
Volume number 31
Issue number 4
Start page 431
End page 442
Total pages 12
Publisher Routledge
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.
Subject Comparative Government and Politics
Keyword(s) crisis
finance
Friedman
Hayek
neoliberalism
Nixon
social democracy
DOI - identifier 10.1080/0739140903322497
Copyright notice Copyrigth 2009 Caucus for a New Political Science
ISSN 07393148
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