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Was the political economy under Blair best described as neo-liberal or reformed Keynesian?

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  1. The political economy in Britain since the end of the Second World War
  2. The New Labour rhetoric under Blair focused on the definition of a Third Way between these paradigms
  3. However, despite some characteristics which could define New Labour's political economy under Blair as new Keynesian, it has widely followed a neo-liberal trend both in its ideology and its practice of policy
  4. Nevertheless, the assessment of the Blair governments' political economy should more accurately be made in terms of depoliticisation rather than considering the choice between reformed Keynesianism and neo liberalism

In order to answer the question as to whether the political economy of New Labor under Blair was best described as neo liberal or reformed Keynesianism, it is necessary to define the two ideological trajectories. Indeed, neo liberalism sees the markets as self regulating entities and transforms the selfish forces of the individuals into general good. For them, the market provides the individuals with incentives, and by setting them in competition with each other, avoids any type of exploitation. And as far as the role of the government is concerned, it is believed that laws and organisms should be adapted to the ones of the market. Of course, this is an extreme vision, but in practice, it is characterized by very little state intervention and inflation targeted through monetary mechanisms.

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