Economic Liberalism and the State: Dismantling the Myth of Naïve Laissez-Faire

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Standard

Economic Liberalism and the State : Dismantling the Myth of Naïve Laissez-Faire. / Stahl, Rune Møller.

In: New Political Economy, Vol. 24, No. 4, 21.05.2019, p. 473-486.

Research output: Contribution to journalJournal articleResearchpeer-review

Harvard

Stahl, RM 2019, 'Economic Liberalism and the State: Dismantling the Myth of Naïve Laissez-Faire', New Political Economy, vol. 24, no. 4, pp. 473-486. https://doi.org/10.1080/13563467.2018.1458086

APA

Stahl, R. M. (2019). Economic Liberalism and the State: Dismantling the Myth of Naïve Laissez-Faire. New Political Economy, 24(4), 473-486. https://doi.org/10.1080/13563467.2018.1458086

Vancouver

Stahl RM. Economic Liberalism and the State: Dismantling the Myth of Naïve Laissez-Faire. New Political Economy. 2019 May 21;24(4):473-486. https://doi.org/10.1080/13563467.2018.1458086

Author

Stahl, Rune Møller. / Economic Liberalism and the State : Dismantling the Myth of Naïve Laissez-Faire. In: New Political Economy. 2019 ; Vol. 24, No. 4. pp. 473-486.

Bibtex

@article{ab1696449a1c48d680fa3fa959083f2d,
title = "Economic Liberalism and the State: Dismantling the Myth of Na{\"i}ve Laissez-Faire",
abstract = "The article offers a critique of the prevailing understanding of the relationship between neoliberalism and classic 19th-century liberalism in contemporary IPE and offers a redefinition inspired by Polanyi and Gramsci. Within critical IPE studies, consensus has emerged that neoliberalism cannot be reduced to a simple attempt to roll back the economy and let loose free-market forces. However, this insight relies on contrasting neoliberalism with classic liberalism, that is, a simple attempt to implement just this na{\"i}ve laissez-faire ideology. In contrast, this article argues that 19th-century liberalism is also characterised by an active use of state and legislative power. Through a historical study of two cases from 19th-century Britain, Poor Law reform and the Gold Standard, the paper will argue that state action played a central role even during the heyday of laissez-faire liberalism. With a starting point in Polanyi’s dictum that ‘laissez-faire was planned’, this reinvestigation will point toward a need to develop a more nuanced understanding of the distinctions between economic theory, ideology, and practical policy, as well as pointing toward a general reinterpretation of the role of the state in liberal economic ideology.",
author = "Stahl, {Rune M{\o}ller}",
year = "2019",
month = "5",
day = "21",
doi = "10.1080/13563467.2018.1458086",
language = "English",
volume = "24",
pages = "473--486",
journal = "New Political Economy",
issn = "1356-3467",
publisher = "Routledge",
number = "4",

}

RIS

TY - JOUR

T1 - Economic Liberalism and the State

T2 - Dismantling the Myth of Naïve Laissez-Faire

AU - Stahl, Rune Møller

PY - 2019/5/21

Y1 - 2019/5/21

N2 - The article offers a critique of the prevailing understanding of the relationship between neoliberalism and classic 19th-century liberalism in contemporary IPE and offers a redefinition inspired by Polanyi and Gramsci. Within critical IPE studies, consensus has emerged that neoliberalism cannot be reduced to a simple attempt to roll back the economy and let loose free-market forces. However, this insight relies on contrasting neoliberalism with classic liberalism, that is, a simple attempt to implement just this naïve laissez-faire ideology. In contrast, this article argues that 19th-century liberalism is also characterised by an active use of state and legislative power. Through a historical study of two cases from 19th-century Britain, Poor Law reform and the Gold Standard, the paper will argue that state action played a central role even during the heyday of laissez-faire liberalism. With a starting point in Polanyi’s dictum that ‘laissez-faire was planned’, this reinvestigation will point toward a need to develop a more nuanced understanding of the distinctions between economic theory, ideology, and practical policy, as well as pointing toward a general reinterpretation of the role of the state in liberal economic ideology.

AB - The article offers a critique of the prevailing understanding of the relationship between neoliberalism and classic 19th-century liberalism in contemporary IPE and offers a redefinition inspired by Polanyi and Gramsci. Within critical IPE studies, consensus has emerged that neoliberalism cannot be reduced to a simple attempt to roll back the economy and let loose free-market forces. However, this insight relies on contrasting neoliberalism with classic liberalism, that is, a simple attempt to implement just this naïve laissez-faire ideology. In contrast, this article argues that 19th-century liberalism is also characterised by an active use of state and legislative power. Through a historical study of two cases from 19th-century Britain, Poor Law reform and the Gold Standard, the paper will argue that state action played a central role even during the heyday of laissez-faire liberalism. With a starting point in Polanyi’s dictum that ‘laissez-faire was planned’, this reinvestigation will point toward a need to develop a more nuanced understanding of the distinctions between economic theory, ideology, and practical policy, as well as pointing toward a general reinterpretation of the role of the state in liberal economic ideology.

U2 - 10.1080/13563467.2018.1458086

DO - 10.1080/13563467.2018.1458086

M3 - Journal article

VL - 24

SP - 473

EP - 486

JO - New Political Economy

JF - New Political Economy

SN - 1356-3467

IS - 4

ER -

ID: 192449579