to read the article by Vivien Schmidt and Mark Thatcher published on Nov 20, 2013, click on
Given the abject failure of the neoliberal policy offer, why has it persisted as the dominant approach to policymaking and is there any way out? Vivien A. Schmidt and Mark Thatcher propose five lines of analysis to explain its resilience: the flexibility of neoliberalism’s core principles; the gaps between neoliberal rhetoric and reality; the strength of neoliberal discourse in debates; the power of interests in the strategic use of ideas; and the force of institutions in the embedding of neoliberal ideas.
Despite the economic crisis that hit the US, the UK and Europe full force in 2008, political leaders have made little attempt to rethink the neoliberal ideas that are in large part responsible for the boom and bust, let alone to come to terms with how immoderate the ‘Great Moderation’ really was. Much the contrary, neoliberal ideas continue to be the only ideas available. In the financial markets, where the crisis began, re-regulation remains woefully inadequate, while the only ideas in play are neoliberal, either for more ‘market-enhancing’ regulation or in favor of greater laissez-faire. The biggest puzzle, however, is the response to the crisis by Eurozone countries that have embraced ‘market discipline’ through austerity and, in so doing, have condemned themselves to slow or no growth. This is in contrast to the US, which has posted better economic results, despite being torn between Republican fundamentalists advocating austerity and a more pragmatic leadership focused on growth.
Despite protest movements like Occupy London, neoliberalism has proved resilient
Our question, then, is: How do we explain the resilience of neoliberal economic ideas?
and Mark Fiore’s video: Ayn Rand visits the day after Christmas