Modern economics and the failure of development

George Kararach ()

Chapter 11 in Liberating Economics From Ideologies and Dystopia, 2025, pp 125-144 from Edward Elgar Publishing

Abstract: Neoliberalism argues that big government and excessive aid hinder economic and social development. It advocates for deregulation, privatisation and lower taxes to spur growth. Neoliberals believe that large governments restrict the freedom of dynamic individuals who drive development. Neoliberals cite Eastern European communist regimes as evidence, where government control stifled consumer culture and led to stagnation. Similarly, in capitalist countries, excessive regulations and taxes make it harder to do business and develop economies. Neoliberals assert that market-led reforms are the most effective way to achieve economic development in poorer countries.

Keywords: Economic development; Privatisation; Market-led reforms; Neoliberalism; Developing economies; State interventions (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035316175
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