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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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Neoclassical Economics and Socialism

Neoclassical Economics and Socialism

From the Beginnings to 1953

(p.17) 1 Neoclassical Economics and Socialism
Markets in the Name of Socialism
Stanford University Press

Neoclassical economics seems to extol the virtues of capitalism while condemning socialism, but is in fact underpinned by both. This chapter examines the emergence of neoclassical economics from its origins in Western Europe during the nineteenth century through its spread in the Soviet Union, and up to its transformation in the 1950s during the Cold War. It explores how various kinds of socialism became a key component of neoclassical economics, focusing on the rise of socialism in England and the 1917 Bolshevik Revolution in Russia. The chapter concludes by focusing on the revival of a transnational neoclassical dialogue and the realization of neoclassical socialist ideas following the death of Joseph Stalin in 1953, the end of the McCarthy trials, and the easing of Cold War tensions.

Keywords:   neoclassical economics, Western Europe, Cold War, Soviet Union, Joseph Stalin, McCarthy trials, England, Bolshevik Revolution

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