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| Transmutation of Economic Policies in Western Countries in the 20th Century and Its Theoretical Implications |
| XIA Qing-yu |
| School of International Relations and Public Affairs, Fudan University, Shanghai, 200433 |
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Abstract In the 20th century, major economic policies in Western countries changed from traditional liberalism to Keynesianism, and then to neo-liberalism. The logic behind these changes is that liberalism (old and new) and Keynesianism are opposite to each other and both have their advantages and limitations. The disadvantages of Keynesianism are the advantages of liberal economics and vice versa. It is hard to combine these two economic theories as they are essentially opposed to each other. Therefore, when liberal economics accorded with the objective requirements of a certain period, it became popular. However, when liberal economic policies were pushed as long-term strategies, their disadvantages became apparent and caused economic problems. To address the problems and overcome the drawbacks caused by liberal economic policies, governments had to take opposite policies, and Keynesian economics could resolve these problems. But when Keynesian economics flourished, it also revealed its drawbacks. When it developed at a certain level, governments must turn to liberal economic policies for solutions to problems induced Keynesian economic policies. This is exactly the deep logic behind the changes of economic policies in Western countries in the 20th century.
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Received: 05 March 2017
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2017, Vol. 34 
