Year 2018, Volume 2, Issue 1, Pages 28 - 70 2018-02-28

The New Generation (Late Neoclassical) Theories in Economics, the Transformation of the State and the Reflection to the Development Paradigm

Uğur ESER [1]

118 480

The current global economic crisis has led to a growing dissatisfaction with the neo-liberal economic paradigm that became more widely known as the Washington Consensus. Washington Consensus which is as a type of free market capitalism is neoclassical economics greatly influenced by neo-liberalism, particularly in its anti-state attitudes, as with deregulation, privatization and liberalization. While the paradigm itself evolved from the late 1990s, in a more nuanced approach under the guise of a post-Washington Consensus, began to recognize a role for the state in correcting for market (largely informational) failures, neo-liberalism largely superseded by the new mainstream economics or late neoclassical economics – namely the new institutional economics, new growth theory, new economic geography and so on. Unlike the mainstream neoclassical economic paradigm the late neoclassical economics is based on the idea that markets are imperfect. Theoretically the late neoclassical economics, upon which the post-Washington Consensus draws, explain both market and non-market outcomes as the rational response to market imperfections. There is now widespread recognition, in some quarters, at least, that the state should engage in a more active role in guiding industrial development, primarily to negate market failure and to overcome the negative conditions of global economic crisis. This paper is largely focused on the paradigm shift of neo-liberalism, primarily from the market fundamentalism to negate market failure, government transformation in the light of late neoclassical theories in economics, and also seeks to demonstrate that policies based on this new paradigm, governments shifted slightly to a revised neoliberal model that approved different version of (market-friendly) state intervention.
Neoliberalism, Mainstream Neoclassical Economics, Late Neoclassical Economics, Development Economics, Market İmperfections, Government Intervention
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Primary Language en
Subjects Management
Journal Section Articles
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Orcid: 0000-0003-1517-8197
Author: Uğur ESER
Country: Turkey


Bibtex @research article { fsecon380924, journal = {Fiscaoeconomia}, issn = {}, eissn = {2564-7504}, address = {Ahmet Arif EREN}, year = {2018}, volume = {2}, pages = {28 - 70}, doi = {10.25295/fsecon.2018.s1.002}, title = {The New Generation (Late Neoclassical) Theories in Economics, the Transformation of the State and the Reflection to the Development Paradigm}, key = {cite}, author = {ESER, Uğur} }
APA ESER, U . (2018). The New Generation (Late Neoclassical) Theories in Economics, the Transformation of the State and the Reflection to the Development Paradigm. Fiscaoeconomia, 2 (1), 28-70. DOI: 10.25295/fsecon.2018.s1.002
MLA ESER, U . "The New Generation (Late Neoclassical) Theories in Economics, the Transformation of the State and the Reflection to the Development Paradigm". Fiscaoeconomia 2 (2018): 28-70 <http://dergipark.org.tr/fsecon/issue/35742/380924>
Chicago ESER, U . "The New Generation (Late Neoclassical) Theories in Economics, the Transformation of the State and the Reflection to the Development Paradigm". Fiscaoeconomia 2 (2018): 28-70
RIS TY - JOUR T1 - The New Generation (Late Neoclassical) Theories in Economics, the Transformation of the State and the Reflection to the Development Paradigm AU - Uğur ESER Y1 - 2018 PY - 2018 N1 - doi: 10.25295/fsecon.2018.s1.002 DO - 10.25295/fsecon.2018.s1.002 T2 - Fiscaoeconomia JF - Journal JO - JOR SP - 28 EP - 70 VL - 2 IS - 1 SN - -2564-7504 M3 - doi: 10.25295/fsecon.2018.s1.002 UR - https://doi.org/10.25295/fsecon.2018.s1.002 Y2 - 2017 ER -
EndNote %0 Fiscaoeconomia The New Generation (Late Neoclassical) Theories in Economics, the Transformation of the State and the Reflection to the Development Paradigm %A Uğur ESER %T The New Generation (Late Neoclassical) Theories in Economics, the Transformation of the State and the Reflection to the Development Paradigm %D 2018 %J Fiscaoeconomia %P -2564-7504 %V 2 %N 1 %R doi: 10.25295/fsecon.2018.s1.002 %U 10.25295/fsecon.2018.s1.002
ISNAD ESER, Uğur . "The New Generation (Late Neoclassical) Theories in Economics, the Transformation of the State and the Reflection to the Development Paradigm". Fiscaoeconomia 2 / 1 (February 2018): 28-70. https://doi.org/10.25295/fsecon.2018.s1.002