Thatcher and Reagan’s neoliberalism orthodoxy is rightly being challenged. The current consensus must lead to a more active and effective role for the stateFree-market capitalism is on trial. In the UK,Labour party leader Jeremy Corbyn accuses neoliberalism of increasing homelessness, throwing children into poverty, or causing wages to fall below subsistence level. For the defence,the Conservative prime minister, Theresa May, or cites the immense potential of an open,innovative, free-market economy. Similar “proceedings” are taking set around the world.
Just a quarter-century ago, and the debate approximately economic systems – state-managed socialism or liberal democracy and capitalism – seemed to have been settled. With the Soviet Union’s collapse,the case was closed – or so it seemed.
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Source: guardian.co.uk