The 2008 crisis was expected to falsify neoliberal doctrine but did not
Evidence
The next step in the syllogism, but the link fated to fail, was that everyone would perceive that the prior bubble was the direct consequence of certain modes of thought, and thus, it was these doctrines that would be refuted. Collect those doctrines together under the umbrella term “neoliberalism,” toss into the mix a Little Bo Peep falsificationist psychology, and there materialized the widespread perception that we were living through the demise of an entire way of thinking: The first intellectual consequence of the economic crisis was to undermine Neoliberalism-or the belief in the sufficiency of markets to secure human welfare-as the age’s default ideology. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 80
Categorization
- XREF: Connects to the reader’s goal of tracing how/why neoliberalism survived 2008; also links to Lakatos-style falsificationism and its limits on belief revision. — connects to: The 2008 crisis falsified neoclassical economic theory yet elites kept using it. — Mark Blyth, Austerity: The History of a Dangerous…, 694; The 2008 crisis invalidated the preceding thirty years of financial orthodoxy — Mark Blyth, Austerity: The History of a Dangerous…, 133; The 2008 crisis replaced triumphalist free-market rhetoric with open-ended austerity — Max Haiven, Cultures of Financialization, 158 (+18 more)
Broader Connections
- Neoliberalism survived the 2008 crisis relatively unscathed.
#corroborates(0.90) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 249 - Crisis commentary from 2008-10 shared one syllogism, that failure proves neoliberalism dying
#expands(0.85) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 93 - The 2008 crisis failed to produce a paradigmatic shift comparable to the New Deal.
#corroborates(0.83) — Natascha van der Zwan, Making Sense of Financialization, 115 - The 2007-8 crisis failed to dislodge neoliberal policy dominance.
#corroborates(0.83) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 609