Publication Date

12-12-2019

Document Type

Working Paper

Advisor

Professor John Hall

Journal of Economic Literature Classification Codes

B25, B52, P1

Key Words

Capitalism, Crises, Evolutionary Economics, Neoliberalism, Variants of Capitalism

Abstract

Economic systems evolve over time in adapting to the needs and deficiency of the system. This inquiry seeks to establish Neoliberalism as—in the language of Barry Clark—a variant of capitalism that evolved out of retaliation of the regulated variant of capitalism. We utilize Barry Clark’s work on the evolution of economic systems in establishing the pattern of adaptation in American capitalism. Then we establish and analyze the neoliberal variant of capitalism in how this evolution retaliated against the existing system rather than adapting the preceding variant. We then consider how the economics profession reacted when the neoliberal economic policies failed in predicting and adapting the 2008 financial crisis.

Persistent Identifier

https://archives.pdx.edu/ds/psu/31027

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