Transitions to and from(?) Neoliberalism

The current international crisis has important similarities with the crisis of the 1970s that eventually gave rise to a new hegemonic project and associated growth model, later to be labelled neoliberalism. With a view to assessing the possibilities for a transition to a new model in the current situation the paper examines the first transition along three selected dimensions: the underlying structural changes that prevented a return to the old model; the relatively autonomous role of international organisations in diagnosing the problems and suggesting remedies, and the role of power relations and political leadership in effecting the transitions. All three factors are argued to be critical. The same questions are then asked of the current situation. Deep global eco-nomic integration along with environmental problems, lacking inclusion of people, rising inequalities and the empowerment of the emerging economies all present economic and political problems that cannot be ad-dressed effectively by neoliberal policy prescriptions. This is diagnosed by international organisations and in the G20, but there still are tensions between the new agenda and the legacy of neoliberalism and a new convincing hegemonic project has not yet emerged. The crisis is both one of hegemony within the transnational power bloc and between the power bloc and popular forces, right and left. This makes the question of political leader-ship critical, but Brexit and the election of Donald Trump has only served to aggravate the crisis. There is a possibility for a progressive turn, but also for a rather malevolent development.