Some open issues regarding theory and practice of neoliberalism

Abstract

Emphasizing neoliberalism as a triumph of free market and unregulated capitalism, critics point out that the global financial crisis has undermined the legitimacy of neoliberalism. It is, therefore, very important to investigate whether there is a clear correlation between the normative recommendations of neoliberal theory and political and economic changes in the market economies in recent decades. Elementary insight into economic developments during the previous decades shows that there is a correspondence between the neoliberal ideas and the trajectory of many market economies, but also clear discrepancies between neoliberal theory and political and economic practices. Neoliberalism exists in articulation with the actors and institutions. Context is important because it implies variation, path dependency, and discrepancy in terms of processes and results. The main conclusion of this paper is that only if we perceive neoliberalism as socially embedded can we speak of neoliberalism as a political-economic doctrine, economic and political practice, and a process of economic transformation and establish a connection between them.

Ističući neoliberalizam kao trijumf slobodnog tržišta, odnosno neregulisanog kapitalizma, kritičari ističu da je globalna finansijska kriza potkopala legitimitet neoliberalizma. Zato je veoma važno istražiti da li postoji jasna korelacija između normativnih preporuka neoliberalne teorije i političkih i ekonomskih promena u tržišnim privredama u proteklih nekoliko decenija. Elementarni uvid u ekonomska kretanja tokom poslednjih decenija pokazuje da postoji određeno podudaranje između neoliberalnih ideja i trajektorije mnogih tržišnih privreda u ovom periodu, ali i jasne diskrepance između neoliberalne teorije i političke i ekonomske prakse. Neoliberalizam egzistira u artikulaciji sa akterima i institucijama. Kontekst je važan zato što implicira različitost, zavisnost puta i nepodudarnost u pogledu procesa i rezultata. Osnovni zaključak rada je da jedino, ukoliko neoliberalizam posmatramo kao društveno ukorenjen, možemo da govorimo o neoliberalizmu kao političko-ekonomskoj doktrini, ekonomsko-političkoj praksi i procesu ekonomske transformacije i da ustanovimo vezu između njih.