The economic crisis and paradigm change

Michael Hill

in Social Policy in Challenging Times

Published by Policy Press

Published in print September 2011 | ISBN: 9781847428288
Published online May 2012 | e-ISBN: 9781447305521 | DOI:
The economic crisis and paradigm change

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This chapter explores the extent to which the crisis led, or could be expected to lead, to significant policy change, by comparing it with the events that brought in the Keynesian approach to economic management in the 1930s and 1940s and those that led to its abandonment in the 1970s and 1980s. To do this, ideas about the nature and causes of paradigm changes in public policy are used, leading on to questions about the likely political responses within and between nations. The chapter highlights, on the one hand, the political forces that seem to be contributing to a minimal response to the current situation, and on the other, the global features which suggest that such responses will be inadequate in the long run.

Keywords: economic crisis; paradigm change; Keynesianism; crisis of capitalism; political market place

Chapter.  6959 words.  Illustrated.

Subjects: Economic Sociology

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