Theory of Neoliberalism – Pseudoscience or Successful Heuristic Model? Cover Image

Теорија неолиберализма – квазинаука или успешан хеуристички модел?
Theory of Neoliberalism – Pseudoscience or Successful Heuristic Model?

Author(s): Aleksandar M. Novaković
Subject(s): Economic policy, Government/Political systems, International relations/trade, Political economy
Published by: Институт за политичке студије
Keywords: neoliberalism; neoliberalism theory; international organizations; democratic capacities; political institutions;

Summary/Abstract: The term “neoliberalism” can not be understood without certain “theory of neoliberalism” that stands at its base. This does not refer to the theories of those authors who advocate free market, minimal state and the rule of law, but to the theory that use the word “neoliberalism” as an appropriate description of the political and economic realities of the world in which we live. In this paper, the scientific status of theory of neoliberalism is being critically reassessed in two ways: by demonstrating its contradictory character (discrepancy between theory of neoliberalism and empirical evidence) and by revealing its core motivation (theory of neoliberalism is being run by non-theoretical, ide¬o¬lo¬gi¬cal motives). In this sense, the paper presents various types of theories of neoliberalism, explains their genesis and indicates their mutual differences. Finally, through the investigation of several key determinants of political and economic organization of the modern state (the size of a modern state, the scope of welfare programs, the degree of government interference in the economy, the role of international organizations as well as the character of the transformation of the former Eastern bloc countries), it is shown why the theory of neoliberalism should be renounced of its scientific status.

  • Issue Year: 2012
  • Issue No: 4
  • Page Range: 145-170
  • Page Count: 26
  • Language: Serbian