Neoliberalism, the Global Crisis, and the Ways Out

Due to the interdependence of the contemporary world economy, the great American crisis of 2008-10 rapidly has become the global crisis. However, it is not just another, only larger than before crisis reflected in the short lasting recession and serious redistribution of income and wealth. It is a fundamental crisis of the capitalist market economy based on the neoliberalism. Overcoming the resulting challenges calls not just for managing the deep financial and structural imbalances, which were the direct causes of recession, but requires deep changes in the underlying values, institutions and polices. These changes must be based on the coincidence theory of development and new pragmatism