Neoliberalism, Neoclassicism and Economic Welfare
AbstractOver the past 25 years, a variety of Neoliberal reforms were introduced. Instead of growth, stability, and the narrowing of income gaps, however, we have seen stagnation, volatility, and increased inequality. The paper examines the theory that justified these policies, describes an alternative approach, and takes a brief look at a small group of Latin American countries in the aftermath of the Mexican Crisis. It is shown that not only does the alternative view raise serious doubts about the efficacy of Neoliberalism, but that those countries that refused to follow suit were better protected against contagion after the December Mistake.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.
Volume (Year): 44 (2010)
Issue (Month): 2 (June)
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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei
financial crisis; institutionalism; Latin America; Mexican Crisis; neoliberalism;
Other versions of this item:
- John Harvey, 2009. "Neoliberalism, Neoclassicism, and Economic Welfare," Working Papers 200902, Texas Christian University, Department of Economics.
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- Moritz Cruz & Edmund Amann & Bernard Walters, 2006. "Expectations, the business cycle and the Mexican peso crisis," Cambridge Journal of Economics, Oxford University Press, vol. 30(5), pages 701-722, September.
- Chwieroth, Jeffrey, 2007. "Neoliberal Economists and Capital Account Liberalization in Emerging Markets," International Organization, Cambridge University Press, vol. 61(02), pages 443-463, April.
- Christian E. Weller & Ghazal Zulfiqar, 2013. "Financial Market Diversity and Macroeconomic Stability," Working Papers wp332, Political Economy Research Institute, University of Massachusetts at Amherst.
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