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Markets in the Name of SocialismThe Left-Wing Origins of Neoliberalism$
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Johanna Bockman

Print publication date: 2011

Print ISBN-13: 9780804775663

Published to Stanford Scholarship Online: June 2013

DOI: 10.11126/stanford/9780804775663.001.0001

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Post-1989 How Transnational Socialism Became Neoliberalism without Ceasing to Exist

Post-1989 How Transnational Socialism Became Neoliberalism without Ceasing to Exist

Chapter:
(p.189) 7 Post-1989 How Transnational Socialism Became Neoliberalism without Ceasing to Exist
Source:
Markets in the Name of Socialism
Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804775663.003.0008

After 1989, the political terrain and political options worldwide for turning democratic, decentralized socialism into reality changed dramatically. Elites began to view socialism as non-viable, with neoliberalism replacing market socialism as an objective. Neoliberalism advocates not only capitalism and competitive markets, but also smaller, authoritarian states as well as hierarchical firms, management, and owners. This fourfold political and economic agenda was supported by neoliberals using neoclassical economics. This chapter examines the debates among neoclassical economists around the world after 1989, focusing on the ideas of Jeffrey Sachs and Joseph Stiglitz. It also looks at how neoclassical economics could be used to support neoliberalism, as opposed to its earlier support of socialisms, and considers the actors interested in mobilizing neoclassical economics based on this neoliberal approach.

Keywords:   neoclassical economics, neoliberalism, competitive markets, authoritarian states, Jeffrey Sachs, Joseph Stiglitz, hierarchical firms, management

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