Premium
Neoinstitutionalism: Still no intellectual hegemony?
Author(s) -
Crouch Colin
Publication year - 2007
Publication title -
regulation and governance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.417
H-Index - 45
eISSN - 1748-5991
pISSN - 1748-5983
DOI - 10.1111/j.1748-5991.2007.00015.x
Subject(s) - neoliberalism (international relations) , marketization , dominance (genetics) , appeal , hegemony , economics , realism , neoclassical economics , positive economics , simple (philosophy) , political economy , law and economics , sociology , economic system , political science , law , politics , epistemology , biochemistry , chemistry , philosophy , china , gene
Abstract Despite its greater realism, neoinstitutionalism has not been able to rival neoliberal approaches in the minds of many public‐policy communities. This article suggests four reasons why this is the case: the way that neoliberalism appears to be rooted in the strong paradigms of neoclassical economics, the related simple appeal of marketization as a solution to policy problems, the dominance of short‐term calculation in financial markets as the apparently most successful form of economic activity, and the role of corporate actors as public‐policy insiders. It is argued that an essential solution to the problem is a rapprochement between neoinstitutionalism and neoclassical economics, which is itself not necessarily wedded to neoliberalism.