Neoliberalism in Crisis: Polanyi, Keynes, and the Future of Globaliztion.

The wave of popular protests against neoliberal orthodoxy and the resistance of governments across the Global South to the policy prescriptions of the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO) suggest that globalization is in transformation. In this paper, we consider the future of globalization by examining the influential role of Keynsianism in the global economy over the past century and in the present struggle over the future organization of the world political economy. We organize our paper into four sections beginning with an outline of the historical roots of the Keynesian Revolution. Next, we examine the internationalization of Keynesianism placing particular emphasis on the Bretton Woods regime and its influence in the modernization strategy of Third World development (1945-1973). We then consider the crisis of Keynesianism (1973-1980) and the consolidation of neoliberalism (1980). Lastly we suggest that the present state of globalization centers on the struggle between neo-Keynesianism and neoliberalism or neo-colonialism. [ABSTRACT FROM AUTHOR]