Abstract
Neoliberal theory has become very influential today. Several factors have contributed to its wide spread, among them the persistent decline in economic development since the mid-1970s and the rising dissatisfaction with Keynesian explanations and prescriptions. The analytical tensions and inadequacies of Keynesianism became particularly apparent in dealing with the concurrent problems of unemployment and inflation. Moreover, the continuing internationalization of economic relations in terms of trade, investment and finance gave rise to the concept of ‘globalization’ — that is, to the idea that national economies and cultures are dissolving into global processes. Global economic activity appears to be dominated by market forces; multinational companies can render national fiscal and monetary policies ineffective. Neoliberalism, with its strong support for market forces, is thus well suited to this international environment.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Baldwin, R. (1989) ‘The Growth Effects of 1992’, Economic Policy (October), 248–81.
Barro, R.J. (1977) ‘Unanticipated Money Growth and Unemployment in the United States’, American Economic Review, 67, 101–15.
Barro, R.J. (1978) ‘Unanticipated Money, Output, and Price Level in the United States’, Journal of Political Economy, 86, 549–80.
Barro, R.J. (1993) Macroeconomics (New York: John Wiley).
Bean, C. (1992) ‘Economic and Monetary Union in Europe’, Journal of Economic Perspectives, 6 (Fall), 31–52.
Blinder, A. (1987) ‘Keynes, Lucas, and Scientific Progress’, American Economic Review, Papers and Proceedings, 77 (May), 130–36.
Blinder, A. (1988) ‘The Fall and Rise of Keynesian Economics’, The Economic Record, 64 (December), 278–94.
Busch, K. (1978) The Crisis of the European Communities (Athens: Erato) (in Greek).
Bush, K. (1992) Europe after 1992 (Athens: Kritiki Editions) (in Greek).
Carchedi, G. (1991) Frontiers of Political Economy (London: Verso).
Cecchini Report (1988) The European Challenge 1992 (Aldershot: Gower).
Commission of the European Communities (1985) Completing the Internal Market, White Paper from the Commission to the European Council (Luxembourg: Office for Official Publications of the European Communities).
Committee for the Study of Economic and Monetary Union (ed.) (1989) Report of Economic and Monetary Union in the European Community (Delors Report) (Brussels: Office for Official Publications of the European Communities).
Cutler, T., C. Haslam, J. Williams and K. Williams (1989) 1992 — The Struggle for Europe (New York: Berg).
Dobb, M. (1959) ‘The Falling Rate of Profit’, Science & Society, 23 (Spring), 97–103.
Eichengreen, B. (1993) ‘European Monetary Unification’, Journal of Economic Literature, 31 (September), 1321–57.
Fine, B. and L. Harris (1979) Rereading ‘Capital’ (London: Macmillan).
Fischer, S., ‘Recent Developments in Macroeconomics’, The Economic Journal, 98 (June), 294–339.
Fitoussi, J.P. (1997) The Forbidden Discussion: Money, Europe, Poverty (Athens: Polis Editions) (in Greek).
Flam, H. (1992) ‘Product Markets and 1992: Full Integration, Large Gains?’, Journal of Economic Perspectives, 6 (Fall), 7–30.
Friedman, M. (1968a) ‘The Role of Monetary Policy’, American Economic Review, 58 (March), 1–17.
Friedman, M. (1968b) ‘Inflation: Causes and Consequenses’ in M. Friedman (ed.), Dollars and Deficits (Englewood Cliffs: Prentice-Hall).
Franks, J. and C. Mayer (1990) ‘Takeovers’, Economic Policy (April), 189–231.
Glyn, A. and B. Sutcliffe (1972) British Capitalism, Workers and the Profit Squeeze (London: Penguin).
Gordon, R. (1990) ‘What Is New-Keynesian Economics?’, Journal of Economic Literature, 27 (September), 1115–71.
Grahl, J. and P. Teague (1990) 1992 — The Big Market: The Future of the European Community (London: Lawrence & Wishart).
Greenwald, B. and J. Stiglitz (1993) ‘New and Old Keynesians’, Journal of Economic Perspectives, 7 (Winter), 23–44.
Harvey, D. (1982) The Limits to Capital (Chicago: Chicago University Press).
Heilbroner, R. and W. Milberg (1995) The Crisis of Vision in Modern Economic Thought (Cambridge: Cambridge University Press).
Helm, D. (1993) ‘The Assessment: The European Internal Market: The Next Steps’, Oxford Review of Economic Policy, 9 (Spring), 1–14.
Henderson, J. and R. Quandt (1971) Microeconomic Theory: A Mathematical Approach (London: McGraw-Hill).
Itoh, M. (1980) Value and Crisis (London: Pluto Press).
Jacquemin, A. (1990) ‘Gains and Losses from 1992 Discussion’, Economic Policy (April), 46–9.
Krugman, P.R. (1990) Rethinking International Trade (Cambridge, Mass.: MIT Press).
Kydland, F. and E. Prescott (1987) ‘Rules Rather Than Discretion: The Inconsistency of Optimal Plans’, Journal of Political Economy, 87 (June), 473–92.
Laibman, D. (1992) ‘Market and Plan: The Evolution of Social Structures in History and Theory’, Science & Society, 56 (Spring), 60–91.
Lipietz, A. (1986) ‘Behind the Crisis: The Exhaustion of a Regime of Accumulation. A ‘Regulation School’ Perspective on Some French Empirical Work’, Review of Radical Political Economics, 18, 13–33.
Lucas, R.E. (1972a) ‘Expectations and the Neutrality of Money’, Journal of Economic Theory, 4, 103–24.
Lucas, R.E. (1972b) ‘Economic Testing of the Natural Rate Hypothesis’, in O. Eckstein (ed.), The Econometrics of Price Determination (Washington, DC: Board of Governors of the Federal Reserve System).
Marx, K. Capital (1977) (New York: Vintage Books).
Mankiw, N.G. (1990) ‘A Quick Refresher Course in Macroeconomics’, Journal of Economic Literature, 27 (December), 1645–60.
McCallum, B. (1989) ‘New Classical Macroeconomics: A Sympathetic Account’, Scandinavian Journal of Economics, 91, 223–52.
Mundell, R. (1961) ‘A Theory of Optimum Currency Areas’, American Economic Review, 51 (September), 657–65.
Neven, D. (1990) ‘Gains and Losses from 1992’, Economic Policy (April), 13–46.
Resnick, S. and R. Wolff (1987) Knowledge and Class: A Marxian Critique of Political Economy (Chicago: University of Chicago Press).
Ricketts, M., (ed.) (1988) Neoclassical Microeconomics, vols I and II (Aldershot: Edward Elgar).
Rowthorn, B. (1974) ‘Neo-Classicism, Neo-Ricardianism and Marxism’, New Left Review, 86 (July–August), 63–87.
Semmler, W. (1982) ‘Theories of Competition and Monopoly’, Capital and Class, 12 (Winter), 91–116.
Shaikh, A. (1977) ‘An Introduction to the History of Crisis Theories’ in Union of Radical Political Economics (URPE) US Capitalism in Crisis (New York: URPE), 219–41.
Shaikh, A. (1992) ‘The Falling Rate of Profit as the Cause of Long Waves: Theory and Empirical Results’, in A. Kleinknecht, E. Mandel and I. Wallerstein (eds), New Findings in Long-Wave Research (New York: St Martin’s Press), 174–95.
Shaked, A. and J. Sutton (1984) ‘Involuntary Unemployment as a Perfect Equilibrium in a Bargaining Model’, Econometrica, 52 (November), 1351–64.
Shapiro, C. and J. Stiglitz (1984) ‘Equilibrium Unemployment as a Worker Discipline Device’, American Economic Review, 74 (June), 433–44.
Solow, R. (1985) ‘Insiders and Outsiders in Wage Determination’, Scandinavian Journal of Economics, 87, 411–28.
Stadler, G. (1994) ‘Real Business Cycles’, Journal of Economic Literature (December), 1750–83.
Sweezy, P. (1970) The Theory of Capitalist Development (New York: Monthly Review Press).
Varian, H. (1984) Microeconomic Analysis (London: W.W. Norton).
Varian, H. (1990) Intermediate Microeconomics (London: W.W. Norton).
Vlachou, A. (1993) ‘The Socialist Transformation of China: Debates over Class and Social Development’, Rethinking Marxism, 6 (Winter), 8–39.
Vlachou, A. and T. Maniatis (1997) ‘Paving the Road for Privatizations: The Case of the Public Power Corporation of Greece’, paper presented at the Conference on ‘Democracy and the Welfare State’, Cultural Centre of Delphi, Greece (2–5 October).
Wolff, R. and S. Resnick (1987) Economics: Marxian versus Neoclassical (Baltimore: The Johns Hopkins University Press).
Editor information
Editors and Affiliations
Copyright information
© 1999 Andriana Vlachou and Georgios K. Christou
About this chapter
Cite this chapter
Vlachou, A., Christou, G.K. (1999). Contemporary Economic Theory: Some Critical Issues. In: Vlachou, A. (eds) Contemporary Economic Theory. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-27714-8_1
Download citation
DOI: https://doi.org/10.1007/978-1-349-27714-8_1
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-27716-2
Online ISBN: 978-1-349-27714-8
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)