Crisis, Continuity and Change: Neoliberalism, the Left and the Future of Capitalism (original) (raw)
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Editor’s introduction: The end of neoliberalism
Policy Futures in Education, 2020
When we first conceptualized this special issue in spring 2016, there were reasons to hope that neoliberalism might be nearing an endpoint. Neoliberalism, as a particular and extreme form of capitalism, faced two intertwined crises, one economic and the other environmental. Almost 10 years after the economic crash of 2007, the United States was still recovering from an economic meltdown caused in part by an under-regulated fraudulent mortgage lending system and the wealthiest 1% gaining an increasingly larger percentage of all the wealth, while median income has remained stagnant for the last half century (Saez & Zucman, 2019). Simultaneously, the environmental crisis worsened as climate change and global warming results in more frequent and stronger storms; drier conditions leading to more brush and forest fires in California, Canada, Australia, and elsewhere; longer and deeper droughts; increased desertification; sea-level rise and flooding (Mirowski, 2013). Consequently, there are more refugees and more conflicts between those who have and those who don't. In addition, humans are dispersing more and more dangerous toxins across the globe. Most recently, scientists are discovering that humans and all living things are being contaminated by micro-plastics that they are ingesting and storing (Cox et al., 2019). Consequently, it was becoming increasingly apparent that neoliberal policies, which aim to replace governmental and collective oversight of the economy, the environment, and education with individual decisions within markets, are a significant cause of these crises. Therefore, it seemed that people were increasingly realizing that neoliberalism-as a way of making individual and societal decisions-was on the verge of being replaced. Indeed, initiatives such as nations promising to reduce the carbon dioxide emissions they produced suggested that alternatives to neoliberalism were becoming increasingly possible. However, over the last five years, neoliberalism has not only remained dominant economically, but has also remained the dominant social imaginary (Rizvi & Lingard, 2010).
The Rise and Fall of Neoliberalism: The Collapse of an Economic Order?
About the Book The recent, devastating and ongoing economic crisis has exposed the faultlines in the dominant neoliberal economic order, opening debate for the first time in years on alternative visions that do not subscribe to a 'free' market ethic. In particular, the core contradiction at the heart of neoliberalism – that states are necessary for the functioning of free markets – provides us with the opportunity to think again about how we want to organise our economies and societies. The Rise and Fall of Neloberalism presents critical perspectives of neoliberal policies, questions the ideas underpinning neoliberalism, and explores diverse response to it from around the world. In bringing together the work of distinguished scholars and dedicated activists to question neoliberal hegemony, the book exposes the often fractured and multifarious manifestations of neoliberalism which will have to be challenged to bring about meaningful social change. Table of Contents 1. Introduction: A World Turned Right-Way Up - Kean Birch and Vlad Mykhnenko Part 1: The Rise of Neoliberalism 2. How Neoliberalism Got Where It Is: Elite Planning, Corporate Lobbying and the Release of the Free Market - David Miller 3. Making Neoliberal Order in the United States - Kean Birch and Adam Tickell 4. Neoliberalism, Intellectual Property and the Global Knowledge Economy - David Tyfield 5. Neoliberalism and the Calculable World: The Rise of Carbon Trading - Larry Lohmann 6. Tightening the Web: The World Bank and Enforced Policy Reform - Elisa van Waeyenberge 7. The Corruption Industry and Transition: Neoliberalising Post-Soviet Space? - Adam Swain, Vlad Mykhnenko and Shaun French 8. Remaking the Welfare State: From Safety Net to Trampoline - Julie MacLeavy Part 2: The Fall of Neoliberalism 9. Zombieconomics: The Living Death of the Dismal Science - Ben Fine 10. From Hegemony to Crisis? The Continuing Ecological Dominance of Neo-Liberalism - Bob Jessop 11. Do It Yourself: A Politics for Changing Our World - Paul Chatterton 12. Dreaming the Real: A Politics of Ethical Spectacles - Paul Routledge 13. Transnational Companies and Transnational Civil Society - Leonith Hinojosa and Anthony Bebbington 14. Defeating Neo-liberalism: A Marxist Internationalist Perspective and Programme - Jean Shaoul 15. Conclusion: The End of an Economic Order? - Vlad Mykhnenko and Kean Birch
2012
"There are many key questions concerning the current status of the notion of neoliberalism. What is it? Is it an appropriate concept to describe a political and intellectual movement or form of state? What are its prospects as a framework of public policy after the global financial crisis? The article proposes a way of answering these questions by regarding neoliberalism as a definite ‘thought collective’ and a regime of government of and by the state. It exemplifies these by shifts within neoliberalism regarding the question of monopoly, its relationship to classical liberalism and its approach to crisis management. In regard to the latter, it further proposes an emergent rationality of the government of and by the state concerning the fostering of resilience in the anticipation of catastrophe."
Neoliberalism Since the Crisis
Among critical social scientists and progressive activists alike, analysis of neoliberalism has become inseparable from the examination of the crisis that has engulfed the global economy since 2007. When the crisis began, it was interpreted by many, not least the mainstream media and even some of the staunchest advocates of neoliberalism, as a crisis of the model of capitalism that had dominated global economic policy for the previous two-and-a-half decades. Moreover, neoliberal policies promoting financialization were widely held to be responsible for the onset of crisis. As states responded to the crisis with (what appeared to be) new restrictions on finance capital and the nationalization of some of the world's largest banks and financial corporations, many thought it reasonable to conclude that the neoliberal era was coming to an end. Yet, as the global economic crisis continues, so does the rollout of recognizably neoliberal policies of austerity, privatization, deregulation and more and more features of the welfare states built in the postwar era. They have been used as tools of crisis management, even as states have experimented with new forms of economic regulation, such as quantitative easing. Particularly in those countries worst hit by recession, such tools have deepened and (provisionally) channelled abroad the economic crisis, instead of resolving it, while contributing to the stagnation of demand and miring ordinary people in perpetual austerity. It is perhaps unsurprising then that contestation over post-crisis neoliberalism is evident in many of the recent seismic political developments across the globe. Most obviously, the rise of radical left-wing parties in Greece, Spain, Portugal and elsewhere, and the popularity of leaders such as British Labour's Jeremy Corbyn, or Bernie Sanders in the USA, are direct reactions to the devastating effects of enforced neoliberal austerity. These follow earlier political movements against some of the harshest forms of neoliberalism in the Global South – such as the so-called 'Pink Tide' that carried a series of (more-or-less radical) left-wing parties to government across Latin America. But the echoes of dissent against neoliberalism, however distorted, can also be heard in the successful 'leave' campaign in the British referendum on its EU membership, in some of Donald Trump's economic policies (even as he is so obviously one of the world's leading beneficiaries of neoliberalization), and in the rise of the National Front, in France, alongside the mobilization of racial prejudices and national imaginaries in many countries. The premise of this special issue of Critical Sociology is that an understanding of neoliberalism since the crisis is crucial for comprehending the contradictions, conflicts and social forces reshaping the contemporary global political economy. Despite scholarship on, about and around neoliberalism having burgeoned since the onset of the global crisis, a settled definition of neoliberalism remains