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Crisis without End: Neoliberalism in a Globalized Environment Modeling the Historic Rise of Neoliberalism and its Systematic Role in Recent Economic Downturns

Richard Rambarran ()

MPRA Paper from University Library of Munich, Germany

Abstract: Since the 1970’s, both politically and theoretically, neoliberalism as an ideology has been on a persistent rise to the point where, in the twenty first century, it has garnered hegemonic dominance. Despite several recurring crises in countries since the ascendance of neoliberalism, we yet remain reluctant to point out the political economy philosophy as the root cause of the crises. Instead, many of the academics within Economics prefer to offer bouts of highly technical reasons for the downturn- this is especially true and almost solely applicable to those who practice within the ‘neoclassical’ conjecture of Economics. In a typical Marxian sense, one would have to look no further than the economic system to determine both economic and social outcomes of a country. What dictates that economic system however is the political philosophy of the leaders who guide the economic system- the policy makers. This paper attempts to show the neoliberal political philosophy, as the common thread for major crises within the last two decades. It also proposes a societal trinity for which change is driven through complexed interactions among the political, economic and social spheres.

Keywords: Neoliberalism; Crises; Liberalization; Recession; Financialization; Hegemony (search for similar items in EconPapers)
JEL-codes: O11 O19 P12 P16 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-pke
Date: 2015-10-22
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