نئولیبرالیسم و مقابله با تورم

The Neoliberalism and the Inflation Control

Mehrdad Vahabi

MPRA Paper from University Library of Munich, Germany

Abstract: This paper studies two approaches to the Neoliberalism with regard to the state. The first one starts by critically assessing “too much state” from the vintage point of civil society (Michel Foucault, 2008). The second approach begins from Welfare State and considers Neoliberalism as a deviation from this “progressive State” (Harvey, 2003, 2005). The former distinguishes two types of Neoliberalism, the German one (Ordoliberalism) and the American one (the Chicago School). Foucault focuses on the German Neoliberalism and underlines its specific characteristics in opposition with Fascism and Soviet Socialism as “organized” capitalism. However, Foucault’s investigation about the Chicago school is insufficiently studied. Pyne (2012) and Olsen (2019) explored Foucault’s approach with regard to the Chicago school in terms of Sovereign Consumer. A reexamination of Foucault and his followers indicate the importance of monetary stabilization as the cornerstone of Neoliberalism. In fact, the architecture of the European Monetary Union is inspired by Ordoliberalism. The Chicago School is also marked by the Monetarist approach with regard to the inflation control. The present paper substantiates the policy change from full employment to the inflation control in the USA. It also documents the evolution of hyperinflations and mega inflations in three waves: 1) after the first and the second World Wars in the European continent; 2) in the Latin America during the eighties and the nineties; 3) in the central and Eastern Europe as well as Central Asia during post-Socialist transition.

Keywords: Neoliberalism; Hyperinflation; Mega inflation; Monetarism; Structuralsm; Post-keynesian; Full Employment; Sovereign Consummer (search for similar items in EconPapers)
JEL-codes: E2 E5 E51 H7 J6 N1 (search for similar items in EconPapers)
Date: 2020-08-10
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-mac
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Published in Akhbar Rooz online 10 August 2020.online(2020): pp. 1-39

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