3rd July 2018
This paper, co-authored with Michael Jacobs, 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.