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The Neo-liberal State$
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Raymond Plant

Print publication date: 2009

Print ISBN-13: 9780199281756

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199281756.001.0001

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Government, Money, and Taxation

Government, Money, and Taxation

(p.173) Chapter 9 Government, Money, and Taxation
The Neo-liberal State

Raymond Plant (Contributor Webpage)

Oxford University Press

A central theme of this chapter is the role of monetary theory within the neo‐liberal account of the role of the state. For a neo‐liberal thinker such as Mises, monetary theory consists of a set of a priori truths derived from the concept of money itself. Thus, the quantity of money theory or monetarism is not one hypothesis among others within economics, but has a more profound status and basis than that. Such a monetary theory when allied to the points made in the first part of Chapter 8 along with other economic theories (such as crowding out and neo‐liberal microeconomic theories) undermine in a fundamental way Keynesian ideas. Such ideas have been central to Social Democracy and again therefore such a critique of Keynes is an attempt to undermine a basic means of arriving at social democratic ends such as social justice which have already been the subject of critical analysis. One central role for the state from a neo‐liberal view is the provision of public goods that is to say goods which rely on cooperation to produce but which cannot be partitioned so that only those who cooperate in their production can benefit (clean air would be an example). The market will not produce such goods because each individual has a strong incentive from a rational utility maximizing point of view not to contribute and they will therefore not be produced. The details of this argument are considered and analysed.

Keywords:   Monetary Theory, Monetarism, Keynesianism, Social Democracy, Public Goods

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