Guvernanta economica globala – 2 decembrie 2016
Prospectiv A-z shared The Global Economic Governance Initiative's post.
"In contrast, the Romanian translation of neoliberalism by key policy stakeholders absorbed intellectual strands of thought that were very different due to the country's historical and geopolitical context. The local hybrid included a robust mix of anti-communist politics and structuralist economics with deep historical roots, but also increasingly intense flirtation with the contemporary US version of Austrian School economics. The battle for turning these ideas into the new normal of late postcommunism was fierce, especially as long as nationalism and organized labor were still viable social forces. But by the 2000s, the policy implications of the neoliberal script were cemented with off-script ideas and policies such as a radical libertarian flat tax system, compulsory private pensions, pro-cyclical tax cuts for the high earners and corporations as well as a clear preference for austerity packages whose extreme social unfairness was criticized by the IMF. Like in Spain, left governments tried to offer workers and the poor more social compensation, but, overall, this disembedded neoliberalism hybrid became the only game in town. Unlike in Spain, however, most of Romania's policy economists rushed to defend neoliberal orthodoxy from the international revisionist turn that followed 2008.
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But contrary to expectations, greater local integration into neoliberalism's transnational diffusion networks worked to moderate local neoliberalism. In Spain's highly transnationalized economic profession and policy institutions, an individual's LSE Ph.D., MIT postdoc or long stint in OECD invited experimentation with hybrids that incorporated local traditions about social fairness or imported Nordic ideas about social-democracy. Nonetheless, such hybrids remained recognizable to the policy maker's international peers. The opposite was the case in Romania, where no important policymaker had a Western Ph.D. or any other consistent international professional socialization. Here, the result was a synthesis of mainstream neoliberal schools of thought (New Neoclassical Synthesis, supply-side economics etc.) with radical pro-market ideas culled from the likes of Austrian School economics and a local brand of conservative social philosophy. It was no surprise that when the Lehman crisis struck, the IMF's fiscal adjustment package was scorned as "socialist propaganda." Peripheral countries like Romania are more vulnerable to external pressures demanding harsh austerity and institutional reforms than are core countries like Spain. Yet, evidence also shows that the further radicalization of these reforms in Romania (and their attempted moderation in Spain) cannot be adequately understood without taking seriously the role of the neoliberal intellectual hybrids that local policymakers had built into the policy sphere over many years."
The Global Economic Governance Initiative
#GEGI's Cornel Ban publishes new article for the Institute for New Economic Thinking: "Will Trump Bring Neoliberalism's Apocalypse, or Merely a New Iteration?". Read the article here:
Will Trump Bring Neoliberalism's Apocalypse, or Merely a New Iteration?
Real existing neoliberalism as a set of social facts distinct from a purist ideology has proven remarkably adaptable and politically resilient
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