Post-neoliberalism

Post-neoliberalism is a term used to describe the political-economic paradigm that has emerged in response to the perceived failures of neoliberalism. It is characterized by a shift away from the free market ideologies of neoliberalism towards more state intervention and regulation in the economy.

Overview

Neoliberalism is a political-economic paradigm that emphasizes the efficiency of private enterprise, liberalized trade, and relatively open markets, and seeks to maximize the role of the private sector in determining the political and economic priorities of the state. It has been the dominant paradigm in many western countries since the 1980s. However, the 2008 financial crisis and subsequent economic downturn have led to widespread criticism of neoliberal policies and a search for alternatives.

Post-neoliberalism is one such alternative. It is not a single, coherent theory, but rather a range of responses to the perceived failures of neoliberalism. These responses share a common theme: a belief that the state has a legitimate and necessary role to play in regulating the economy and providing public goods and services.

Characteristics

Post-neoliberalism is characterized by a number of key features:

• Increased state intervention: Post-neoliberal governments take a more active role in the economy, intervening to correct market failures and to ensure that the benefits of economic growth are more evenly distributed.

• Regulation of the financial sector: In response to the 2008 financial crisis, many post-neoliberal governments have sought to increase regulation of the financial sector to prevent future crises.

• Focus on social welfare: Post-neoliberalism places a greater emphasis on social welfare, with governments investing in public services such as health care, education, and social security.

• Sustainability: Many post-neoliberal governments have also placed a greater emphasis on sustainability, recognizing the need to balance economic growth with environmental protection.

Criticisms

Despite its growing popularity, post-neoliberalism has also faced a number of criticisms. Some argue that it is simply a return to the failed policies of the past, while others argue that it does not go far enough in challenging the underlying assumptions of neoliberalism.

See also

• Neoliberalism
• 2008 financial crisis
• State interventionism
• Social welfare
• Sustainability