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Truth, Errors, and LiesPolitics and Economics in a Volatile World$
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Grzegorz Kolodko

Print publication date: 2012

Print ISBN-13: 9780231150699

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231150699.001.0001

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The Withering of Neoliberalism and Its Tattered Legacy

The Withering of Neoliberalism and Its Tattered Legacy

Why a Harmful Concept Rose to Temporary Ascendancy in Half the World and What to Do About It

(p.204) Chapter Six The Withering of Neoliberalism and Its Tattered Legacy
Truth, Errors, and Lies

Grzegorz W. Kolodko

, William R. Brand
Columbia University Press

This chapter talks about the concept of “neoliberalism,” which some authors erroneously identify with “classical mainstream economics,” and its relationship with the idea of “social market economy.” The neoliberal trend in economics maintains the supremacy of the free market and private enterprise over the state and social policy, and will soon lead to neoliberal policies that limit the role of the state in the economy. Neoliberalism in itself is seen not as a utopia, but as an effective method of protecting group interests at the cost of the interests of others. The chapter explains how economic liberalization was incorrectly presented as identical to the shift to a market economy, and that it is the combination of government with the market that will continue to change the world. The key element here is the coexistence in time and space of globalization and neoliberalism.

Keywords:   neoliberalism, classical mainstream economics, social market economy, free market, the state, economic liberalization, globalization

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