IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Neoliberal Capitalism: A Time Warp Backwards to Capitalism’s Origins?

Listed author(s):
  • Kunibert Raffer


The global economy’s neoliberal transformation recalls Polanyi’s analysis of the great transformation. Present policies of destroying the welfare state or breaking resistance to substantial real wage reductions, strongly recall the 1930s, Speenhamland and Vienna succumbing to the attack of political forces powerfully sustained by economic arguments. Brought about deliberately, “globalisation” is the preferred neoliberal argument. Deregulation, reducing public economic influence, the WTO-system and multilateral treaties lock-in present policies, reducing future governments’ options of change and preventing the return of Keynesianism. Privatisation opens huge private profit opportunities mostly realised at substantial costs to individuals or social costs, as the British railway system or boosting private pension funds illustrate. State intervention is generally condemned, but bailing-out speculators is welcome. Seen as dangerous to neoliberal capitalism, democracy is rolled back. These developments and economic crisis have again given rise to right-wing movements. The attack on Keynesian welfare policies occurred as predicted by Kalecki in 1943. The effects of neoliberalism are discussed in detail at the examples of trade policy, the liberalisation of capital accounts (promoted by the IMF in open breach of its own constitution), and the attack on the public pension system, which opens a riskless bonanza to private investors.

(This abstract was borrowed from another version of this item.)

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Springer & The Association for Social Economics in its journal Forum for Social Economics.

Volume (Year): 40 (2011)
Issue (Month): 1 (April)
Pages: 41-62

in new window

Handle: RePEc:spr:fosoec:v:40:y:2011:i:1:p:41-62
DOI: 10.1007/s12143-010-9070-9
Contact details of provider: Web page:

Web page:

Order Information: Web:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

in new window

  1. Stanfield, James Ronald & Stanfield, Jacqueline B., 1997. "Where has love gone? Reciprocity, redistribution, and the Nurturance Gap," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 26(2), pages 111-126.
  2. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
  3. Kunibert Raffer, 2003. "Some proposals to adapt international institutions to developmental needs," Chapters,in: The Role of International Institutions in Globalisation, chapter 5 Edward Elgar Publishing.
  4. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
  5. Diaz-Alejandro, Carlos, 1985. "Good-bye financial repression, hello financial crash," Journal of Development Economics, Elsevier, vol. 19(1-2), pages 1-24.
  6. Kunibert Raffer & H. W. Singer, 2001. "The Economic North–South Divide," Books, Edward Elgar Publishing, number 1835.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:spr:fosoec:v:40:y:2011:i:1:p:41-62. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)

or (Rebekah McClure)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.