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Quo Vadis Neoliberalism: A Carefrontation of Veblen, Keynes, and Marx

Year 2023, Volume: 7 Issue: 1, 724 - 736, 25.01.2023
https://doi.org/10.25295/fsecon.1172538

Abstract

Neoliberalism is still main reference point of economic thought in economics departments of universities and hegemonic ideology of policy makers although it comes in harsh criticisms for policy outcomes particularly deepening global inequality from wide range of scholars, journalists and even some policy networks especially after 2008-9 financial crisis. These criticisms are meaningful in terms of questioning neoliberal hegemony even so the motto of neoliberalism which is “there is no alternative” has not been responded as “nope, there is an alternative” yet at least as a counter hegemonic position for global political and economic system. The article sets out to formulate the need of going beyond criticisms and creating a reference toolbox kit to face with neoliberal hegemony. Is it possible to create an alternative method of thought in economics via eliminating deficiencies of particular schools of thought? In particular, is it possible to create a holistic response from different schools of non-mainstream economics focusing on neoliberalism as a concrete case for objection? The answer is yes. In this study, three different schools of economic thought, evolutionary institutionalism, Keynesianism and Marxism are mutually considered and the theoretical possibility of a holistic opposition in different levels is affirmed in a way of their stances in against neoliberalism.

References

  • Brenner, N., Peck, J. &Theodore (2010). After Neoliberalization?. Globalizations, 7(3), 327–345.
  • Duménil, G. & Lévy, D. (2001). Costs and Benefits of Neoliberalism: A Class Analysis. Review of International Political Economy, 8(4), 578–607.
  • Duroy, Q. (2016). Thinking Like a Trader: The Impact of Neoliberal Doctrine on Habits of Thought. Journal of Economic Issues, 50(2), 603-610.
  • Jespersen, J. (2009) Macroeconomic Methodology a Post-Keynesian Perspective. Cheltenham &Northampton, MA: Edward Elgar.
  • Klein, N. (2014) This Changes Everything Capitalism vs. the Climate. London: Allen Lane.
  • Krier, D. (2009). Finance Capital, Neo-Liberalism and Critical Institutionalism. Critical Sociology, 35(3), 395–416.
  • Marx, K. (1887) Capital a Critique of Political Economy. Moscow, USSR: Progress Publishers.
  • Murray, P. (2000). Marx's “Truly Social” Labour Theory of Value: Part I, Abstract, Labour in Marxian Value Theory. Historical Materialism, 6(1), 27-66.
  • O’Hara, P. (2002). The Contemporary Relevance of Thorstein Veblen’s Institutional-Evolutionary Political Economy. History of Economics Review, 35, 78-103.
  • Palley, I. T. (2005). From Keynesianism to Neoliberalism: Shifting Paradigms in Economics. Alfredo Saad-Filho and Deborah Johnston (Ed.), Neoliberalism a Critical Reader. London& Ann Arbor, MI: Pluto Press.
  • Prasch, R. E. (2011). Capitalism, Freedom and Democracy Reprised; or Why Is the Liberalization of Capital Associated with the Increased Repression of Individuals?. Journal of Economic Issues, 45(2), 277-288.
  • Screpanti, E. & Zamagni, S. (2005) An Outline of the History of Economic Thought. Oxford: Oxford University Press.
  • Veblen, T. (1899). The Theory of the Leisure Class. New York: Macmillan.
  • Veblen, T. (1907). The Socialist Economics of Karl Marx and His Followers. The Quarterly Journal of Economics, 21(2), 299-322.
  • Wrenn, M. V. (2012). Agency, Identity, and the Great Crisis: A Veblenian Perspective. Journal of Economic Issues, 46(2), 403-410.

Neoliberalizm Nereye: Veblen, Keynes ve Marx’ın Sevgi ve Saygılı Yüzleşmesi

Year 2023, Volume: 7 Issue: 1, 724 - 736, 25.01.2023
https://doi.org/10.25295/fsecon.1172538

Abstract

Neoliberalizm, özellikle 2008-9 finansal krizinden sonra küresel eşitsizliği derinleştiren politik sonuçları itibariyle geniş bir spektrumda akademisyenler, gazeteciler ve bazı siyasi ağlardan sert eleştiriler almış olsa da halen üniversitelerin ekonomi bölümlerinde referans noktası olmaya devam etmektedir ve politika yapıcılar için hegemonik ideolojidir. Bu eleştiriler neoliberal hegemonyanın sorgulanması açısından anlamlı olsa da neoliberalizmin “alternatif yok” mottosuna, “hayır, alternatif var” şeklinde en azından küresel siyasi ve ekonomik sistemde hegemonik bir karşı konumlanış olarak cevap verilememiştir. Makale, eleştirilerin ötesine geçme ve neoliberal hegemonyayla yüzleşme için bir referans araç seti yaratma ihtiyacını formüle etmeyi amaçlıyor. Bu amaçla da belli iktisadi düşünce ekollerinin eksikliklerini gidererek, ekonomide alternatif bir düşünce yöntemi yaratmanın olasılığını sorgulayarak ve özellikle, neoliberalizme somut bir itiraz vakası olarak odaklanan farklı ana akım olmayan iktisat ekollerinden bütüncül bir kavrayış yaratmanın mümkün olup olmadığı sorusuna evet yanıtı veriyor. Bu çalışma, üç farklı ekonomik düşünce ekolünü, evrimci kurumsalcılık, Keynesçilik ve Marksizm’i neoliberalizme karşı duruşları açısından ilişkili olarak ele alıyor ve farklı düzeylerde bütünsel bir karşı çıkışın teorik imkanını olumluyor.

References

  • Brenner, N., Peck, J. &Theodore (2010). After Neoliberalization?. Globalizations, 7(3), 327–345.
  • Duménil, G. & Lévy, D. (2001). Costs and Benefits of Neoliberalism: A Class Analysis. Review of International Political Economy, 8(4), 578–607.
  • Duroy, Q. (2016). Thinking Like a Trader: The Impact of Neoliberal Doctrine on Habits of Thought. Journal of Economic Issues, 50(2), 603-610.
  • Jespersen, J. (2009) Macroeconomic Methodology a Post-Keynesian Perspective. Cheltenham &Northampton, MA: Edward Elgar.
  • Klein, N. (2014) This Changes Everything Capitalism vs. the Climate. London: Allen Lane.
  • Krier, D. (2009). Finance Capital, Neo-Liberalism and Critical Institutionalism. Critical Sociology, 35(3), 395–416.
  • Marx, K. (1887) Capital a Critique of Political Economy. Moscow, USSR: Progress Publishers.
  • Murray, P. (2000). Marx's “Truly Social” Labour Theory of Value: Part I, Abstract, Labour in Marxian Value Theory. Historical Materialism, 6(1), 27-66.
  • O’Hara, P. (2002). The Contemporary Relevance of Thorstein Veblen’s Institutional-Evolutionary Political Economy. History of Economics Review, 35, 78-103.
  • Palley, I. T. (2005). From Keynesianism to Neoliberalism: Shifting Paradigms in Economics. Alfredo Saad-Filho and Deborah Johnston (Ed.), Neoliberalism a Critical Reader. London& Ann Arbor, MI: Pluto Press.
  • Prasch, R. E. (2011). Capitalism, Freedom and Democracy Reprised; or Why Is the Liberalization of Capital Associated with the Increased Repression of Individuals?. Journal of Economic Issues, 45(2), 277-288.
  • Screpanti, E. & Zamagni, S. (2005) An Outline of the History of Economic Thought. Oxford: Oxford University Press.
  • Veblen, T. (1899). The Theory of the Leisure Class. New York: Macmillan.
  • Veblen, T. (1907). The Socialist Economics of Karl Marx and His Followers. The Quarterly Journal of Economics, 21(2), 299-322.
  • Wrenn, M. V. (2012). Agency, Identity, and the Great Crisis: A Veblenian Perspective. Journal of Economic Issues, 46(2), 403-410.
There are 15 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Pınar Kahya Aydın 0000-0003-4738-0568

Publication Date January 25, 2023
Published in Issue Year 2023 Volume: 7 Issue: 1

Cite

APA Kahya Aydın, P. (2023). Quo Vadis Neoliberalism: A Carefrontation of Veblen, Keynes, and Marx. Fiscaoeconomia, 7(1), 724-736. https://doi.org/10.25295/fsecon.1172538

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