13:29 GMT +323 March 2017
    Brave New World

    Why Did the Left Get Into Bed With Neoliberalism?

    Brave New World
    Get short URL
    John Harrison

    Many people do not understand why the 'left' adopted neoliberal economic policies. The left criticizes inequality and advocates progressive social policies such as promotion of feminism and gay rights but seems to increasingly back deregulated market driven economics. In this program, Professor Steve Keen offers an explanation into what went wrong.

    Professor Steve Keen from Kingston University says that the 'left' made a huge mistake by thinking that by getting on board the neoliberalist train, which he describes as "a train going nowhere," because the basic neoliberal economic model does not work. The fact that both the left and the right have been unable to solve fundamental problems created by deregulated capitalism and massive increase in debt levels — which has led to a resurgence in confidence in the right — is proof of this.

    Professor Keen explains how Keynsiansism was introduced to try and prevent the negative consequences of the cyclical nature of capitalism, but failed. He explains how monetarism was then introduced, by the right and to some extent by the left, and how this heralded a return to traditional, flawed, capitalism. Many people, however, still believe that the left supports progressive neoliberal causes, which may be true. But the left, according to Professor Keen, having being disenfranchised by failed economic policies, is no longer able to pursue such policies and people are now wondering why it was fooled into thinking that neoliberalism would supply the answer in the first place. New alternative systems are needed.

    We'd love to get your feedback at radio@sputniknews.com.

    Have you heard the news? Sign up to our Telegram channel and we'll keep you up to speed!

    leftist politics, neoliberalism, Progressives, economic policy
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment

    All comments

    • avatar
      The fall of the Berlin Wall was the death knell for the degenerated workers state the Union of Soviet Socialist Republics became under Stalin but not for socialism per se.
    • Angus Gallagherin reply toRobertBeal(Show commentHide comment)
      RobertBeal, Trotskyism simply replaced Soviet Communism- which is how the CIA planned it from the 1950s.
      Eurosocialism and LGBT, environmentalism and victimhood politics in general have been infinitely more effective in building 'socialism' than anything imagined since Trotsky's euphoria in 1917.
      The alternative is to nationalize socialist thought and make it more realistic. Die Linke are as best as we can hope for given socialism is so inevitably flawed- it's only role is to be artificially kept alive as a strategy to divide neoliberals and eurosocialists.
    Show new comments (0)