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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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    References listed on IDEAS

    as
    1. Slonimczyk, Fabián & Skott, Peter, 2012. "Employment and distribution effects of the minimum wage," Journal of Economic Behavior & Organization, Elsevier, vol. 84(1), pages 245-264.
    2. Thomas I. Palley, 2007. "Financialization: What It Is and Why It Matters," Economics Working Paper Archive wp_525, Levy Economics Institute.
    3. Eckhard Hein, 2009. "‘Financialisation’ in a comparative static, stock-flow consistent post-kaleckian distribution and growth model," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 72(03), pages 120-139.
    4. Palley, Thomas I., 2009. "America's exhausted paradigm: Macroeconomic causes of the financial crisis and great recession," IPE Working Papers 02/2009, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    5. Ryoo, Soon, 2010. "Long waves and short cycles in a model of endogenous financial fragility," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 163-186, June.
    6. Skott, Peter & Guy, Frederick, 2007. "A model of power-biased technological change," Economics Letters, Elsevier, vol. 95(1), pages 124-131, April.
    7. Gerald Epstein & Arjun Jayadev, 2007. "The Correlates of Rentier Returns in OECD Countries," Working Papers wp123, Political Economy Research Institute, University of Massachusetts at Amherst.
    8. James Crotty, 2005. "The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal Era," Research Briefs rb2003-5, Political Economy Research Institute, University of Massachusetts at Amherst.
    9. Kennickell, Arthur B & Starr-McCluer, Martha, 1997. "Retrospective Reporting of Household Wealth: Evidence from the 1983-1989 Survey of Consumer Finances," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(4), pages 452-463, October.
    10. Skott, Peter, 1981. "On the 'Kaldorian' Saving Function," Kyklos, Wiley Blackwell, vol. 34(4), pages 563-581.
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    Citations

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    Cited by:

    1. 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 and Technology Policy Research, University of Sussex.

    More about this item

    Keywords

    Australia; electricity; public policy; régulation theory; structural change;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • 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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