Thursday, December 20, 2012

Vamsi Vakulabharanam — Why Does Neoliberalism Persist Even After the Global Crisis?


Analysis of India by an Indian economist in which the author shows how neoliberalism is joined at the hip with neo-imperialism and neocolonialism. The twist in history is that now these same methods are being used in the home countries as well whereas before the developing world was more targeted.

To this I would add, that the shift of focus to a global paradigm occurred with the fall of the Soviet Union and the liberalization of Chinese economic policy, which ends socialism as a practical alternative to market capitalism. Then the thrust was to establish laissez-faire globally, which frees elites to expropriate property based on the myth of more efficient use.

Triple Crisis
Why Does Neoliberalism Persist Even After the Global Crisis?
Vamsi Vakulabharanam | School of Economics, University of Hyderabad
(h/t Yves Smith at Naked Capitalism)

10 comments:

frlbane said...

"Then the thrust was to establish laissez-faire globally, which frees elites to expropriate property based on the myth of more efficient use."

A government enforced/backed credit cartel is not laissez-faire. It's doubtful that banking as we know it could even exist to any large extent without extensive government privileges such as government deposit insurance, a legal tender lender of last resort, and borrowing by the monetary sovereign.

Tom Hickey said...

A government enforced/backed credit cartel is not laissez-faire.

All depends on how and who defines "laissez-faire." That's the catch of neoliberalism. The propaganda says one thing, and the reality is another. Agenda and hidden agenda.

Dan Kervick said...

Neoliberalism persists because it serves the interests of those who own most of the world. And the people who own the world control most of the media, which in turn control the way most people think.

y said...

Dan,

So what you're saying is that it's natural, right?

Matt Franko said...

y,

I dont interpret Dan's comment that way... sounds to me like Dan is positing that it is sustained by the continuous dispensing of falsehoods via media in the world.... rsp,

Dan Kervick said...

Yeah, my view is that the people who own everything run media and academic empires that train most of the rest of us monkeys to support the economic policies that serve the interests of the owners.

Tom Hickey said...

Its even deeper than that and goes right to education. In fact, there is now a push to privatize education through charter schools. Moreover, the billionaires are already sponsoring programs and distributing "free" materials to public schools. This is really really deep mind-control. Trying bring up some of these issues with acquaintances, and they will either think you are crazy or some kind of communist agitator.

y said...
This comment has been removed by the author.
y said...

Dan,

I was trying to be ironic.

Dan Kervick said...

I know y - the clarification was just for the benefit of innocent onlookers :)