EKONOMSKA MISAO LIBERALIZMA: USPJEH I POSUSTAJANJE
ECONOMIC THOUGHT OF LIBERALISM: SUCCESS AND FAILURE

Summary/Abstract: The long-term success of liberalism from the 18th to the 20th century – including the American experience of an open and liberal society that attracted millions of immigrants seeking a second chance at freedom, regularly invoked by the protagonists of liberal thought – is coming into question at the beginning of the 21st century. In the context of the general ideological and political crisis of liberalism, our focus is the loss of popularity of the gravitational values of economic liberalism - supporting a market economy based on individualism, economic freedom, private ownership and limited government interference. Contrary to the expected generation of economic prosperity, the application of economic liberalism shows a slowdown in economic growth. It did not help that the political acceptability of economic liberalism was paired with democracy, which was supposed to mitigate the inequalities created by "market failures". Now this concept of democracy is "attacked" by populism and nationalism, while it is increasingly revealed, which liberal thinkers do not contradict, that the (neo)liberal economic order is not capable of dealing with fundamental social asymmetries.

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