The End of Economics Hegemony? Studying Economic Ideas in a Post-neoliberal World

Since the 1990s, a particular approach to analysing the political influence of economic ideas has emerged in International Political Economy (IPE)—often labelled ‘the ideational turn’. This approach highlights the strong link between intellectual debates in the economics profession and developments in the realm of economic policy. This article re-examines this body of literature in the context of the crisis of neoliberalism and investigates how our theories of the power of economic ideas have been shaped by the neoliberal conjuncture under which they developed. The neoliberal era witnessed a broad depoliticisation of economic policy debates, a process in which economists played a crucial role. However, while major policy breaks in the twentieth century were tied to shifts in dominant economic theories, recent changes have occurred without corresponding transformations in economic thinking. Ideas once deemed heretical—such as tariffs, price controls, or industrial policy—have gained traction in policy circles, despite rejection from mainstream economics. This suggests that, unlike the neoliberal era, we are entering a period where economic policymaking is increasingly detached from academic economics. The article examines the consequences of these recent changes and discusses their impact on the study of economic ideas for IPE in a post-neoliberal world.