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Neoliberalism, the Global Crisis, and the Ways Out

Author

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  • Grzegorz W. Kolodko

    () (TIGER - Kozminski University, Warsaw)

Abstract

Due to the interdependence of the contemporary world economy, the great American crisis of 2008-2010 rapidly has become the global crisis. However, it is not just another, only larger than before crisis. It is a fundamental crisis of the capitalist market economy based on neoliberalism. Overcoming the resulting challenges calls not just for managing deep financial and structural imbalances, which were the direct causes of the recession, but requires deep changes in the underlying values, institutions and policies. These changes must be based on the coincidence theory of development and new pragmatism.

Suggested Citation

  • Grzegorz W. Kolodko, 2011. "Neoliberalism, the Global Crisis, and the Ways Out," Rivista di Politica Economica, SIPI Spa, issue 3, pages 153-166, JULY-SEPT.
  • Handle: RePEc:rpo:ripoec:y:2011:i:3:p:153-166
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    More about this item

    Keywords

    world; globalization; development; transformation; crisis; recession; values; institutions; policie;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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