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The Failure of Market Fundamentalism

Author

Listed:
  • Lynne Chester

    (Department of Political Economy, The University of Sydney, Sydney, Australia)

Abstract

This paper argues that neoliberalism’s global restructuring of electricity sectors has failed to deliver its proclaimed objectives and spawned threats to economic growth, financial market stability, environmental degradation, and society’s well-being. Using the case study of Australia, the paper’s régulationist analysis reveals the short-term outcomes and longer-term consequences of this restructuring, and concludes that the paradox of this structural change is the creation of inherent risks to the accumulation process.JEL Classification: B52, D02, L94, Z18

Suggested Citation

  • Lynne Chester, 2013. "The Failure of Market Fundamentalism," Review of Radical Political Economics, Union for Radical Political Economics, vol. 45(3), pages 315-322, September.
    • Handle: RePEc:sae:reorpe:v:45:y:2013:i:3:p:315-322
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    File URL: http://rrp.sagepub.com/content/45/3/315.abstract
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    Citations

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    Cited by:

    1. Eric L. Prentis, 2014. "Deregulation & Privatization: Texas Electric Power Market Evidence," Review of Business and Finance Studies, The Institute for Business and Finance Research, vol. 5(2), pages 117-126.
    2. Stefan Bouzarovski & Saska Petrova & Sergio Tirado-Herrero, 2014. "From Fuel Poverty to Energy Vulnerability: The Importance of Services, Needs and Practices," SPRU Working Paper Series 2014-25, SPRU - Science Policy Research Unit, University of Sussex Business School.

    More about this item

    Keywords

    Australia; electricity; public policy; régulation theory; structural change;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • Z18 - Other Special Topics - - Cultural Economics - - - Public Policy

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