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Neoliberalism, the Global Crisis, and the Ways Out


  • Grzegorz W. Kolodko

    () (TIGER - Kozminski University, Warsaw)


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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    References listed on IDEAS

    1. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-1158, December.
    2. Meade, James E, 1972. "The Theory of Labour-Managed Firms and of Profit Sharing," Economic Journal, Royal Economic Society, vol. 82(325), pages 402-428, Supplemen.
    3. Altunbas, Yener & Evans, Lynne & Molyneux, Philip, 2001. "Bank Ownership and Efficiency," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(4), pages 926-954, November.
    4. Angelini, P. & Di Salvo, R. & Ferri, G., 1998. "Availability and cost of credit for small businesses: Customer relationships and credit cooperatives," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 925-954, August.
    5. Claudia Girardone & Philip Molyneux & Edward Gardener, 2004. "Analysing the determinants of bank efficiency: the case of Italian banks," Applied Economics, Taylor & Francis Journals, vol. 36(3), pages 215-227.
    6. benvenuti, m. & casolaro, l. & del prete, s. & mistrulli, p. e., 2010. "Loan Officer Authority and Small Business Lending.Evidence from a survey," MPRA Paper 26475, University Library of Munich, Germany.
    7. James Meade., "undated". "Agathotopia," Hume Papers 16, David Hume Institute.
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    More about this item


    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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