Abstract
After the Lehman Shock of 2008 and the ensuing global financial crisis, many political economists have pointed out the limitations of neoliberalism and market fundamentalism or confirmed a crisis of finance-led capitalism. Today, however, almost 10 years after the Shock, neoliberal ideas and policies, including political control being exercised by Wall Street in the United States, seem to be as dominant as ever in spite of their serious failures. It also does not seem that the form of capitalism dominated by finance has disappeared. Worse still, we may now be witnessing a new wave of chauvinism and trade protectionism, especially in the US and some of the countries belonging to the EU. Are there any signs of the sprouting of strong new politico-economic systems or ideas that will replace those of neoliberalism? Ten years after the shock, frankly speaking, it is difficult for us to be sure about the direction in which the current regime is evolving. We must therefore consider both the tenaciousness and variability of institutions and regimes. This leads us to the question of what determines institutional change and how it occurs.
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Yamada, T. (2018). The Neoliberal Regime and its Possible Crisis: A Reflection from the Viewpoint of Institutional Change. In: Contemporary Capitalism and Civil Society. Evolutionary Economics and Social Complexity Science, vol 14. Springer, Singapore. https://doi.org/10.1007/978-981-13-0517-7_10
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DOI: https://doi.org/10.1007/978-981-13-0517-7_10
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