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Crisis without End: Neoliberalism in a Globalized Environment Modeling the Historic Rise of Neoliberalism and its Systematic Role in Recent Economic Downturns

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  • Rambarran, Richard

Abstract

Since the 1970’s, both politically and theoretically, neoliberalism as an ideology has been on a persistent rise to the point where, in the twenty first century, it has garnered hegemonic dominance. Despite several recurring crises in countries since the ascendance of neoliberalism, we yet remain reluctant to point out the political economy philosophy as the root cause of the crises. Instead, many of the academics within Economics prefer to offer bouts of highly technical reasons for the downturn- this is especially true and almost solely applicable to those who practice within the ‘neoclassical’ conjecture of Economics. In a typical Marxian sense, one would have to look no further than the economic system to determine both economic and social outcomes of a country. What dictates that economic system however is the political philosophy of the leaders who guide the economic system- the policy makers. This paper attempts to show the neoliberal political philosophy, as the common thread for major crises within the last two decades. It also proposes a societal trinity for which change is driven through complexed interactions among the political, economic and social spheres.

Suggested Citation

  • Rambarran, Richard, 2015. "Crisis without End: Neoliberalism in a Globalized Environment Modeling the Historic Rise of Neoliberalism and its Systematic Role in Recent Economic Downturns," MPRA Paper 67410, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:67410
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    File URL: https://mpra.ub.uni-muenchen.de/67410/1/MPRA_paper_67410.pdf
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    References listed on IDEAS

    as
    1. Brian Snowdon & Howard R. Vane, 2005. "Modern Macroeconomics," Books, Edward Elgar Publishing, number 3092.
    2. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Neoliberalism: A Cultural Social Construction
      by stefanotijerina in NEP-HIS blog on 2015-11-17 15:45:16

    More about this item

    Keywords

    Neoliberalism; Crises; Liberalization; Recession; Financialization; Hegemony;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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