Concluding Remarks

Abstract

A new century has begun; can it be a better one for the future of society after such bitter disillusionment at the end of the last century? Keynesianism, which seemed so powerful in the post-World War II period, failed either to prevent or to solve the great depression after 1973, and rather worsened the economic situation by causing a deepening fiscal crisis. Neoliberalism then became the dominant policy current in the capitalist world, and triumphed over Keynesianism and socialism. Its belief in the efficiency of the free competitive market draws a certain strength from the historical reversal of capitalist development toward global competition and increased vitality for multinationals. The collapse of Soviet-type socialism greatly helped the victory of neoliberalism, even leading to euphoria. It is time to assess the achievements of neoliberalism after two decades of domination.