Introduction to Part II

George Kararach ()

A chapter in Liberating Economics From Ideologies and Dystopia, 2025, pp 146-150 from Edward Elgar Publishing

Abstract: Given the failures of neoliberalism, there is a strong case for alternative propositions in economic theorising. The flaws of the market mechanism derive from the existence of externalities and how real economies are organised based on powerful interest groups and institutional differences. We explore the importance of institutions, social norms and leadership as building blocks to understand alternative economic systems. There is importance in giving space to preferences, values, cultures, strengthening democracy and democratisation, equity and distribution in deciding on where a country should engage in domestic and international political economy. Any reimagining of the economy cannot occur without integrating in our assumptions the importance of history and politics, the importance of nature and nurture and how these shape social values, ethics and human behaviour that underpin any economy. The “social factors” mediate the state and markets shaping the real evolutions of the real economy conceptualised by the heterodox economic tradition.

Keywords: Neoliberalism; Heterodoxy; Market mechanism; Regulation; State; Ethics; Social contract (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035316175
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