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Cambridge Journal of Economics Advance Access published online on December 11, 2006
Cambridge Journal of Economics, doi:10.1093/cje/bel030
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Does Europe need neoliberal reforms?

M Panic*

* Selwyn College, Cambridge, UK

Address for correspondence: Selwyn College, Cambridge, UK; email: micapanic{at}aol.com

Abstract

This paper examines the neoliberal claim that the only way to achieve sustainable growth and full employment is to abandon Keynesian macroeconomic management and the welfare state and bring back ‘flexible labour market policies’. It summarises the conditions required for neoliberal policies to produce such an outcome and their relevance to contemporary economic, social and political realities. This is followed by an empirical comparison of the economic performance and social well-being of seven advanced economies, widely regarded as leading proponents of the three models of capitalism: liberal, corporatist and social democratic. Contrary to the claim, the model that performs best is the one that has least in common with the neoliberal economic orthodoxy – a conclusion that is likely to be of particular relevance in the present century.

Key Words: Neoliberal economic orthodoxy • Three models of capitalism • Macroeconomic management • Labour and social institutions • Welfare state • Economic performance • Social well-being • Globalisation • Environmental degradation

Manuscript received June 9, 2006; final version received August 8, 2006.


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