A recent letter of mine in the Irish times:
Sir, – Dan O’Brien clearly took offence at President Michael D Higgins’s recent speech at Dublin City University (“Presidency ill-served by economic partisanship”, Business, September 20th). In particular he was offended by the use of the concept “neoliberal”. I agree with your columnist that this is a relatively innocuous term but Mr O’Brien’s analysis was more polemic than analytic. The term “neoliberal” is increasingly used in political science to describe the paradigm shift away from demand-managed macroeconomics, during the Keynesian era, to the supply-side oriented revolution in economics during the period of financial market expansion.
Using the concept to describe broadly a paradigm shift does not imply that there is no variation in how economies are organised in contemporary capitalist societies, nor does it imply an “us” versus “them” mentality. It is used extensively in many European-based political economy research projects. The international financial cum sovereign debt crisis was caused by the reckless behaviour of private market actors.
President Higgins should be commended for his bravery to confront the intellectual hubris that accompanied this. – Yours, etc,
Dr AIDAN REGAN,
Max Planck Institute for the
Study of Societies,