The New School

Beyond Neoliberalism and “Neo-illiberalism”: Reframing Economic Policy for Sustainable Democracy is a project of the New School for Social Research. This project will lead to the development of an alternative framework for economic policy that goes beyond neoliberalism and the wave of “neo-illiberalism.” Drawing on expertise from social science disciplines and using the best available data, both on political change and economic outcomes, this project will help to understand the economic impact of the illiberal shift in many countries and inform discussion of an alternative set of economic policies that take us beyond neoliberalism and neo-illiberalism. A deepened understanding of the relationship between politics and economics will allow for serious exploration of alternative economic policy frameworks that could strengthen democracies and help them deliver.

The Institute on Race, Power, and Political Economy at the New School is a research hub that promotes economic inclusion, civic engagement, and social equity. The work of the institute investigates the roles of power, capital, and identity in shaping our political economy. Collaborating with practitioners of many kinds, the institute works to craft and advance innovative strategies, policies, practices, and investments to empower people with the necessary resources and structures to facilitate economic security, human dignity, and authentic agency.

Orthodox economics, centered on rational individual choice theory and free-market policy stances, has dominated economics scholarship and teaching since the 1920s. The New School for Social Research economists Teresa Ghilarducci and William Milberg will direct a research project addressing why alternatives to orthodoxy struggle to become established in academia and policy. They will author a paper on why heterodox economics has not taken hold, which will then form the basis for a fall 2019 convening of selected economists and writers in New York. The conference will address four themes: strengths and weaknesses in heterodox theory; curriculum; advancing heterodox student careers in policy; and implications for philanthropy.