Some Open Issues Regarding Theory And Practice Of Neoliberalism Cover Image

Нека отворена питања теорије и праксе неолиберализма
Some Open Issues Regarding Theory And Practice Of Neoliberalism

Author(s): Nataša Golubović, Goran B. Milošević, Srđan Milašinović
Subject(s): Social Sciences
Published by: Универзитет у Нишу
Keywords: Neoliberalism; Market; State; Freedom

Summary/Abstract: Emphasizing neo-liberalism as a triumph of free market and unregulated capitalism, critics point out that the global financial crisis has undermined the legitimacy of neoliberalism. This is therefore very important to investigate whether there is a clear correlation between the normative recommendations of neoliberal theory and political and economic changes in the market economies in recent decades. Elementary insights into economic developments during the last decades shows that there is a correspondence between the neo-liberal ideas and the trajectory of many market economies, but also a clear discrepancies between theory and neo-liberal political and economic practices. Neoliberalism exists in the articulation with the actors and institutions. Context is important because it implies a difference, path dependency and discrepancy in terms of process and results. Critics of neo-liberalism point out that the latest global financial and economic crisis is an example of how unregulated market can lead capitalism into disaster, and that the legitimacy of the neo-liberal project is irreversibly undermined. Precisely for this reason, it is very important to investigate whether there is a clear correlation between the normative recommendations of neoliberal theory and political and economic changes in the market economies in recent decades. The main conclusion of this paper is that only if we perceive neoliberalism as socially embedded, we can speak of neoliberalism as an political-economic doctrine, economic and political practice, the process of economic transformation and to establish a connection between them.

  • Issue Year: 2013
  • Issue No: 01
  • Page Range: 33-47
  • Page Count: 15
  • Language: Serbian