NEW PARADIGM  |  INTERECONOMICS

Paradigm shifts in economic theory and policy

by Laurie Laybourn-Langton and Michael Jacobs

PUBLISHED

1. SEPTEMBER 2018

Abstract

This paper seeks to understand the processes of paradigm shifts in economic ideas and policy. We begin with an explanation of the concept of a “politico-economic paradigm”, with reference to the theory and history of the two paradigm shifts occurring in the 20th century. We then examine how the second of these, the shift to “neoliberalism”, occurred. The final section assesses the degree to which economic and political conditions since the financial crisis offer an opportunity for a new paradigm shift away from neoliberalism.

PREVIOUS STUDY Out With the Old, In With the New
NEXT STUDY Shifting Views on Trade Liberalisation: Beyond Indiscriminate Applause

ABOUT NEW PARADIGM

KNOWLEDGE BASE

After decades of overly naive market belief, we urgently need new answers to the great challenges of our time. More so, we need a whole new paradigm to guide us. We collect everything about the people and the community who are dealing with the question of a new paradigm and who analyze the historical and present impact of paradigms and narratives – whether in new contributions, performances, books and events.

STUDIES OVERVIEW