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The Neoliberal Paradox

Ray Kiely

This ambitious work provides a history and critique of neoliberalism, both as a body of ideas and as a political practice. It is an original and compelling contribution to the neoliberalism debate.
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Chapter 7: Neoliberalism in practice II: the 1990s to 2008

Ray Kiely


This chapter focuses on the period from the 1990s up to the financial crisis of 2008. In particular it examines the relationship between various projects – the third way, the expansion of the European Union and the rise of the post-Washington Consensus, and of the so-called BRIC countries – and the question of neoliberal theory and practice. These are examined in five sections. The first section examines the third way in the context of the so-called new economy and globalisation. The second section again examines the third way, but in the context of what has been called the Anglo-American growth model, and specifically the housing boom in those countries. In each case we focus on the question of the relationship between state and market, and whether or not each case can be defined as neoliberal. The conclusion explores this by suggesting that the issue is not about the amount of state intervention so much as the particular types and forms of intervention which is central to understanding neoliberalism.

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