NEW GENERATION CRISES: IS IT END OF NEOLIBERALISM? (original) (raw)
2015, Logic of Our Age: The Individual and Society in the Market’s Grasp
World Economic System has opted for tight fiscal policies and Keynesian approach in order to overcome 1929 Economic Crisis. It had to bear the burdens of state interventions by 70s. High inflation, high rates of public debt and chronic budgetary deficit were indications for the inadequacy of the policies implemented up to that period. Such policies had proposed that inflation and economic recession could not be simultaneous; however, stagflation, which came out after cost-push inflation in 70s, disproved this proposition. During this period, we witness the raise of Neoliberalism that employed the tenets of old economic liberalism. Neoliberalism had been implemented in the US by R. Reagan and G. Bush, in the UK by M. Thatcher, and in Turkey by T. Ozal. Liberalisation policies implemented throughout Ozal and post-Ozal period has caused to the deterioration of the immune system of Turkish economy in the face of global crises. As a result, Turkey had been remarkably shocked by the crises in 1994, 2001 and 2008. We witness that, pace Neoliberal approach, state interventions and Keynesian policies are on rise particularly after 2008 crisis. This paper will focus on the free movement of the capital and its concomitant tendency to spread a regional crisis to other parts of the globe, which we experience as a result of deregulations and the recognition of uncontrolled release for the capital in 1980s. Drawing upon the recent crises that Neoliberalism could not tackle with, it will discuss the regulations implemented throughout the world.
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