Is Neoliberalism Still the Dominant Economic Paradigm in the West Today?

Till today there is a widespread presumption that Neoliberalism (NL) is the dominant political-economic paradigm in the West but also in the greater part of the world. This paper argues that this is not so and that since the beginning of the 21st century NL has fallen from grace and has been replaced by the equally conservative New Keynesianism (NK) with the New Macroeconomic Consensus (NMC). The fundamental sign of this transition is the widespread and growing state economic interventionism that characterise even countries that were considered the bastions and proponents of NL.