Journal Article

Does Europe need neoliberal reforms?

M Panić

in Cambridge Journal of Economics

Published on behalf of Cambridge Political Economy Society

Volume 31, issue 1, pages 145-169
Published in print January 2007 | ISSN: 0309-166X
Published online December 2006 | e-ISSN: 1464-3545 | DOI: https://dx.doi.org/10.1093/cje/bel030
Does Europe need neoliberal reforms?

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  • International Economics
  • Microeconomics
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This paper examines the neoliberal claim that the only way to achieve sustainable growth and full employment is to abandon Keynesian macroeconomic management and the welfare state and bring back ‘flexible labour market policies’. It summarises the conditions required for neoliberal policies to produce such an outcome and their relevance to contemporary economic, social and political realities. This is followed by an empirical comparison of the economic performance and social well-being of seven advanced economies, widely regarded as leading proponents of the three models of capitalism: liberal, corporatist and social democratic. Contrary to the claim, the model that performs best is the one that has least in common with the neoliberal economic orthodoxy – a conclusion that is likely to be of particular relevance in the present century.

Keywords: Neoliberal economic orthodoxy; Three models of capitalism; Macroeconomic management; Labour and social institutions; Welfare state; Economic performance; Social well-being; Globalisation; Environmental degradation; B0; D02; E6; F00; J08; L0; P1

Journal Article.  12534 words. 

Subjects: International Economics ; Microeconomics ; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook ; Labour and Demographic Economics ; History of Economic Thought ; Capitalist Systems ; Industrial Organization

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