Market Liberalism

2009 ◽  
pp. 100-128
Author(s):  
John S. Dryzek ◽  
Patrick Dunleavy
Keyword(s):  
Market Liberalism

scholarly journals The European Economic Constitution after the PSPP Judgment: Towards Integrative Liberalism?

2020 ◽  
Vol 21 (5) ◽  
pp. 1058-1077
Author(s):  
Matthias Goldmann
Keyword(s):  
State Intervention ◽  
Democratic Legitimacy ◽  
Profound Change ◽  
European Economic ◽  
Economic Constitution ◽  
Post War ◽  
Reactive Mode ◽  
Proportionality Principle ◽  
Market Liberalism

AbstractThis article argues that the PSPP judgment effectively buries the era of financial liberalism, which has dominated the European economic constitution for decades. It raises the curtain on a new political paradigm, which I call “integrative liberalism”. Whereas the financial crisis put financial liberalism under strain, the development since then has been contradictory, torn between state intervention and market liberalism, focused above all on buying time rather than finding a new constitutional equilibrium. Now, together with the measures adopted in response to COVID-19, the PSPP judgment paves the way for profound change. Integrative liberalism is characterized by an overall shift from the market to the state, mitigating the post-crisis insistence on austerity and conditionality. Contrary to the embedded liberalism of the post-war era, integrative liberalism operates in a corrective and reactive mode with a focus on goals and principles, lacking the emphasis on long-term planning. Like every political paradigm, integrative liberalism ushers in a new understanding of the law. It puts the emphasis on context instead of discipline, and it elevates the proportionality principle. If integrative liberalism is to succeed, however, the democratic legitimacy of the Eurosystem and its independence require serious reconsideration.

At the Origins of Neo-Liberalism: The Free Economy and the Strong State, 1930–1947

2010 ◽  
Vol 53 (1) ◽  
pp. 129-151 ◽  
Author(s):  
BEN JACKSON
Keyword(s):  
Welfare State ◽  
State Regulation ◽  
Free Society ◽  
Individual Liberty ◽  
Public Controversy ◽  
Strong State ◽  
Middle Way ◽  
The Individual ◽  
Market Liberalism ◽  
The Welfare State

ABSTRACTIt is often suggested that the earliest theorists of neo-liberalism first entered public controversy in the 1930s and 1940s to dispel the illusion that the welfare state represented a stable middle way between capitalism and socialism. This article argues that this is an anachronistic account of the origins of neo-liberalism, since the earliest exponents of neo-liberal doctrine focused on socialist central planning rather than the welfare state as their chief adversary and even sought to accommodate certain elements of the welfare state agenda within their market liberalism. In their early work, neo-liberal theorists were suspicious of nineteenth-century liberalism and capitalism; emphasized the value commitments that they shared with progressive liberals and socialists; and endorsed significant state regulation and redistribution as essential to the maintenance of a free society. Neo-liberals of the 1930s and 1940s therefore believed that the legitimation of the market, and the individual liberty best secured by the market, had to be accomplished via an expansion of state capacity and a clear admission that earlier market liberals had been wrong to advocate laissez-faire.

Models into Policy: Assar Lindbeck and Swedish Social Democracy

2019 ◽  
pp. 174-197
Author(s):  
Avner Offer ◽  
Gabriel Söderberg
Keyword(s):  
Economic Theory ◽  
Central Bank ◽  
Economic Crisis ◽  
Nobel Prize ◽  
Social Democracy ◽  
The Public ◽  
Sharp Focus ◽  
Public Money ◽  
Market Liberalism

This chapter looks at how Swedish Social Democracy was eventually challenged by the doctrines honoured by the prize it had created. Economists first took their place among the Nobel Prize winners in 1969, at the height of the golden age of Social Democracy in Sweden. The prize was paid by the central bank out of public money. However, a chronic economic crisis in the 1970s drove voters away from Social Democracy and towards a market liberalism which finally prevailed (for a while) in the 1990s. The focus here is on the role of economic theory. For this purpose, the travails of Social Democracy are followed as they affected the public trajectory of Assar Lindbeck (b. 1930), ‘the key figure in Swedish economics’. The discipline of economics in Sweden mostly spoke with one voice in this period, so this method provides for a sharp focus and fewer words.

Conclusions

2020 ◽  
pp. 248-258
Author(s):  
Jonathan Hopkin
Keyword(s):  
Twentieth Century ◽  
Financial Crisis ◽  
Interwar Period ◽  
Free Market ◽  
Social Democracy ◽  
Political Authority ◽  
Market Model ◽  
System Support ◽  
Ultimate Failure ◽  
Market Liberalism

This concluding chapter addresses the implications of anti-system politics for the future of capitalism and democracy in the advanced countries. It argues that the current wave of anti-system support reflects the ultimate failure of the project of “market liberalism,” in that the limitations of the market logic have been laid bare by the financial crisis and the inability of the free market model to deliver prosperity and security. The answer to this crisis is likely to involve a reassertion of political authority over the market: either a revival of social democracy, the guiding ideology of the inclusive capitalism of the second half of the twentieth century, or a return to the nationalism and mercantilism of the interwar period.

scholarly journals Markedsliberalisme og modstand: På strejftog i Trondheim og i børnehavepædagogikken

2013 ◽  
Vol 5 ◽  
Author(s):  
Bent Olsen
Keyword(s):  
Educational Services ◽  
Regulatory Instruments ◽  
Educational Pursuits ◽  
Market Liberalism ◽  
Practice Education

Title: Market liberalism and resistanceAbstract: Expeditions into Trondheim and the educational pursuits of kindergartens. Imposing a range of highly detailed regulatory instruments targeting educational services has revealed diversity between supporters of “neoliberal” modernizations and positions that both experience and problematize such modernizations. This article examines how the two positions clash in preschool practice, education and research. The final theoretical outlines identify how a historically established relatively autonomous sector has come under increasing strain from groups which derive their strength from political and economic sources.

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