A Study On The Three Great Crises Of Capitalism And The Three Evolution Of Liberalism Since The 20th Century

Liberalism is a theoretical trend and mainstream ideology that exists in Western capitalist countries and has always occupied a dominant position.Since the 20 th century,there have been three major crises in Western capitalist countries.In the process of anti crisis practice in Western capitalist countries,liberalism has undergone three transformations,which have had a significant impact on the entire development process of capitalism.During the outbreak of the Great Crisis from 1929 to 1933,traditional liberalism,which advocated for laissez faire,was questioned.Therefore,Keynesianism,which advocated state intervention,emerged as the times required and became the "savior" to save capitalism from crisis and collapse.And through the anti crisis practices of Western capitalist countries represented by the "Roosevelt New Deal," Keynesianism was once again prevalent in Western capitalist countries.The birth of Keynesianism and the anti crisis practice of interventionism in capitalist countries brought about the first evolution of liberalism,that is,the evolution from laissez faire liberalism to liberalism emphasizing state intervention.After the outbreak of the stagflation crisis in the 1970 s,Keynesianism,which advocated state intervention,fell into a predicament and gradually declined due to its inability to explain and respond to the crisis.At this point,neoliberalism,which advocates privatization,liberalization,and marketization,seized the opportunity to revive and become the "panacea" for capitalism to deal with the stagflation crisis.The anti crisis practice of western capitalist countries represented by "Thatcherism Doctrine" and "Reagan Economics" made neo liberalism popular in western capitalist countries.The revival of neoliberalism and the anti crisis practice of neoliberalism in capitalism have brought about a second evolution of liberalism,which emphasizes state intervention and shifts towards neoliberalism that advocates privatization,liberalization,and marketization.After the outbreak of the 2008 international financial crisis,neoliberalism,which advocated privatization,liberalization,and marketization,was criticized by various sectors of capitalism.Many people believe that it was precisely the laissez faire of the late 20 th century that caused this crisis,resulting in the phenomenon of neoliberalism being neglected and Keynesianism showing signs of a "return".And a series of anti crisis measures taken by Western capitalist countries have to some extent confirmed this.This indicates that during this crisis and the anti crisis process of capitalism,liberalism has once again undergone a third transformation.By analyzing the anti crisis practice of western capitalism in dealing with the three major crises,the author can clearly summarize the evolution logic of liberalism,that is,whenever capitalism encounters a serious crisis,capitalist countries always respond to the crisis and adjust economic development to try to get rid of the crisis by strengthening or weakening state intervention,strengthening supervision or deregulation,Thus,the evolution logic of "deregulation strengthening intervention" alternate rotation has been formed.