Is Neoliberalism Still the Dominant Economic Paradigm in the West Today?
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Jul 14, 2025
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Abstract
Till today there is a widespread presumption that Neoliberalism (NL) is the dominant political-economic paradigm in the West but also in the greater part of the world. This paper argues that this is not so and that since the beginning of the 21st century NL has fallen from grace and has been replaced by the equally conservative New Keynesianism (NK) with the New Macroeconomic Consensus (NMC). The fundamental sign of this transition is the widespread and growing state economic interventionism that characterise even countries that were considered the bastions and proponents of NL.
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References
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Tooze A. 2021. “Has Covid ended the neoliberal era?”, The Guardian 2/9/2021 https://www.theguardian.com/news/2021/sep/02/covid-and-the-crisis-of-neoliberalism
Buckup S. 2017. “The end of neoliberalism?”, World Economic Forum https://www.weforum.org/agenda/2017/07/this-is-what-the-future-of-economic-liberalism-looks-like-its-time-to-rethink-it/
Elliott, L. 2021. “Progressive economic policies are back on the agenda – time for Starmer to catch up”. The Guardian. Retrieved from: www.theguardian.com/commentisfree/2021/may/20/progressive-economic-policies-starmer-catch-up-state-intervention
Evenett S., Jakubik A., Martin F. & Ruta M. 2024. “The Return of Industrial Policy in Data”, IMF Working Papers WP/24/1
Fraser N. 2017. “The End of Progressive Neoliberalism”, https://www.dissentmagazine.org/online_articles/progressive-neoliberalism-reactionary-populism-nancy- fraser ,
Galbraith J. 2008. “The Collapse of Monetarism and the Irrelevance of the New Monetary Concensus”, seminar at the European Parliament, June 24 2008
International Monetary Fund (IMF). 2009. “The State of Public Finances: A Cross-Country Fiscal Monitor ”, IMF Staff Position Note 09/25, Washington: International Monetary Fund.
Mavroudeas. 1999. “The capitalist ‘globalization’ and the new era of capitalism”, conference “Space Marx, Two Days of Problematisation and Dialogue”, 17-18 December 1999, NTUA, Athens.
Mavroudeas S. & Papadatos F. 2018. “Is the Financialisation Hypothesis a theoretical blind alley?”, World Review of Political Economy vol.9 no.4. https://www.jstor.org/stable/10.13169/worlrevipoliecon.9.4.0451#metadata_info_tab_contents
Mavroudeas S. 2019. “De-globalisation and the Return of the Theory of Imperialism”, in Kaoru Natsuda K. et al (eds.), Globalisation and Public Policy, London: IJOPEC. http://www.ijopec.co.uk/wp-content/uploads/2019/10/2019_13.pdf
Mavroudeas S. 2020. “The Economic and Political Consequences of the COVID-19 Pandemic” σε China’s Fight Against The COVID-19 Epidemic: Its Contribution And Implications To The World In The Eyes Of Foreigners, Beijing: CASS
Mavroudeas S. 2021a. “The Economic and Political Consequences of the COVID-19 Pandemic”, International Critical Thought Volume 10 Issue 4
Mavroudeas S. 2021b. “The Political Economy of the COVID-19 pandemic” in M. Mustafa Erdoğdu Μ., Alaverdov Ε., García A.C. & TrymaI K. (eds.) Impacts of COVID-19 on Societies and Economies, London: IJOPEC http://www.ijopec.co.uk/wp-content/uploads/2022/01/2021_08.pdf
Mavroudeas S. 2024. “Is There a Return of Industrial Policy Within Mainstream Economics?”, Noonomy and Noosociety. Almanac of Scientific Works of the S.Y. Witte INID, Vol. 3, No. 1, pp. 26–33. DOI: 10.37930/2782-6465-2024-3-1-26-33
Piketty T. 2021. “Neoliberalism is dead since 2008”, VIMA 13/7/21 https://www.tovima.gr/2021/07/13/international/thomas-piketty-neoliberalism-is-dead-since-2008/
Plender, J. 2008. “The return of the state: How government is back at the heart of economic life”. Financial Times, August 21.
Saad-Filho A. 2020. “From COVID-19 to the end of neoliberalism”. Critical Sociology, 46(4–5), 477–485.
Stiglitz J. 2008. “The End of Neo-liberalism?” https://www.project-syndicate.org/commentary/the-end-of-neo-liberalism
Stiglitz J. 2019. “The end of neoliberalism and the rebirth of history”, Project Syndicate 4 November 2019 https://www.project-syndicate.org/commentary/end-of-neoliberalism-unfettered-markets-fail-by-joseph-e-stiglitz-2019-11
Tooze A. 2021. “Has Covid ended the neoliberal era?”, The Guardian 2/9/2021 https://www.theguardian.com/news/2021/sep/02/covid-and-the-crisis-of-neoliberalism
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Capitalism Studies
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How to Cite
Is Neoliberalism Still the Dominant Economic Paradigm in the West Today?. (2025). World Marxist Review , 2(2), 99−110. https://doi.org/10.62834/5j1x2p43