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Neoliberalism: Befall or Respite?

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Author Info

  • Kosta Josifidis

    ()
    (Department of European Economics and Business, Faculty of Economics, University of Novi Sad, Serbia)

  • Alpar Lošonc

    ()
    (Faculty of Technical Sciences, University of Novi Sad, Serbia)

  • Novica Supić

    ()
    (Department of European Economics and Business, Faculty of Economics, University of Novi Sad, Serbia)

Abstract

The authors of this argumentative article emphasize that the range of the current crisis cannot be depleted in the diagnosis which is based on cyclic consideration. It is both systematic and structural, which is derived from the genesis and the modus of neoliberalism, which has become dominant during the previous decades. Other than that, it is emphasized that the current crisis is “great”, because it forces relevant actors to face the structural characteristics of contemporary shareholder-capitalism. The crisis also puts to a test the self-reflection of the economic science which faces certain deficits. The authors believe that, given the tendencies in today’s economy, there can be different scenarios for exiting the crisis and projecting a new modus of capitalism in the following period. Having in mind the openness of the present and the uncertainty of the future, the authors describe those scenarios without projecting which one of them will be dominant.

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Bibliographic Info

Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

Volume (Year): 57 (2010)
Issue (Month): 1 (March)
Pages: 101-117

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Handle: RePEc:voj:journl:v:57:y:2010:i:1:p:101-117

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Web page: http://www.panoeconomicus.rs/

Related research

Keywords: Capitalism; Crisis; Neoliberalism; Cyclic; System; Structure;

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References

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  1. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
  2. Ansgar Belke & Jens Klose, 2010. "(How) Do the ECB and the Fed React to Financial Market Uncertainty?: The Taylor Rule in Times of Crisis," Discussion Papers of DIW Berlin 972, DIW Berlin, German Institute for Economic Research.
  3. David Colander & Hans Föllmer & Armin Haas & Michael Goldberg & Katarina Juselius & Alan Kirman & Thomas Lux & Birgitte Sloth, 2009. "The Financial Crisis and the Systemic Failure of Academic Economics," Discussion Papers 09-03, University of Copenhagen. Department of Economics.
  4. Sheila Dow, 2008. "Mainstream Methodology, Financial Markets and Global Political Economy-super- 1," Contributions to Political Economy, Oxford University Press, vol. 27(1), pages 13-29.
  5. Thomas I. Palley, 2007. "Financialization: What It Is and Why It Matters," Working Papers wp153, Political Economy Research Institute, University of Massachusetts at Amherst.
  6. Geoffrey M. Hodgson, 2009. "The great crash of 2008 and the reform of economics," Cambridge Journal of Economics, Oxford University Press, vol. 33(6), pages 1205-1221, November.
  7. Piero Ferri & Hyman P. Minsky, 1991. "Market Processes and Thwarting Systems," Economics Working Paper Archive wp_64, Levy Economics Institute.
  8. Tony Lawson, 2009. "The current economic crisis: its nature and the course of academic economics," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 759-777, July.
  9. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
  10. Nicholas Oulton & Ana Rincon-Aznar, 2009. "Rates of Return and Alternative Measures of Capital Input: 14 Countries and 10 Branches, 1971-2005," CEP Discussion Papers dp0957, Centre for Economic Performance, LSE.
  11. Victoria Chick, 2008. "Could the Crisis at Northern Rock have been Predicted?: An Evolutionary Approach-super- 1," Contributions to Political Economy, Oxford University Press, vol. 27(1), pages 115-124.
  12. Tevlin, Stacey & Whelan, Karl, 2003. " Explaining the Investment Boom of the 1990s," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(1), pages 1-22, February.
  13. Evan F. Koenig & Jim Dolmas, 2003. "Monetary policy in a zero-interest-rate economy," Southwest Economy, Federal Reserve Bank of Dallas, issue Jul, pages 1-5, 16.
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Citations

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Cited by:
  1. Howard Stein, 2012. "The Neoliberal Policy Paradigm and the Great Recession," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(4), pages 421-440, September.
  2. David Slattery & Joseph G. Nellis, 2011. "Rethinking the Role of Regulation in the Aftermath of the Global Financial Crisis: The Case of the UK," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(3), pages 407-423, September.
  3. Tomas Zelinsky, 2012. "Changes in Relative Material Deprivation in Regions of Slovakia and the Czech Republic," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(3), pages 335-353, June.
  4. Francisco Carballo-Cruz, 2011. "Causes and Consequences of the Spanish Economic Crisis: Why the Recovery is Taken so Long?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(3), pages 309-328, September.
  5. Kosta Josifidis & John Hall & Novica Supić & Olgica IvanÄev, 2011. "European Welfare Regimes: Political Orientations versus Poverty," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(5), pages 651-674, December.

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