A “new” neoclassical international political economy (NNIPE) emerged from the 2008 financial crisis showing how macroprudential regulation and capital controls (MPR-CC) can eliminate the systemic risk behind endogenous financial cycles. An implication of this is that decentralized capitalism is inherently financially unstable, which appears to make inroads with heterodox traditions. However, this paper demonstrates that NNIPE represents a superficial, rhetorical appearance of theoretical improvement, as represented in its “style,” while the “substance” of its underlying assumptions and mechanisms remain mired in neoclassicism. Moreover, it grew out of ideologically-motivated ideational change at the International Monetary Fund.

中文翻译：

---

宏观审慎监管和资本管制的“新”新古典主义国际政治经济学：“风格”重于“实质”

2008 年金融危机后出现的“新”新古典国际政治经济学 (NNIPE) 显示了宏观审慎监管和资本管制 (MPR-CC) 如何消除内生金融周期背后的系统性风险。这意味着去中心化的资本主义本质上在财务上是不稳定的，这似乎会侵入异端传统。然而，本文表明 NNIPE 代表了理论改进的一种肤浅的、修辞的外观，如其“风格”所代表，而其潜在假设和机制的“实质”仍深陷新古典主义的泥潭。此外，它源于国际货币基金组织受意识形态驱动的观念变化。