Neoliberalism has not simply 'survived'; it has failed to die, seemingly outlived the socioeconomic conditions that gave rise to its existence. In this way, the non-death of neoliberalism raises some important questions about the nature of ideology, principally: its relationship to socio-economic determinants; how it exercises its grip over subjects and how this grip, or hold, can itself be exorcised. Seeking insights into these questions, this paper tells the story of the scholarly response to the non-death of neoliberalism over a ten year period of crisis: a pre-crisis era beginning with the Asian financial crisis (1997)(1998)(1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)) and a post-crisis era beginning with the global financial crisis to the present day (2008)(2009)(2010)(2011)(2012)(2013)(2014)(2015). The paper considers key scholarly responses to the persistence of neoliberalism at three fundamental levels: (a) the trajectory of their analytical technique, or the key concepts that underpin their wider project; (b) their critique of neoliberalism, or how these concepts render the construction of core neoliberal ideals; and, (c) their ideological response to neoliberalism, or their recommendations regarding the pathway out of neoliberalism. On this basis, the paper engages in a discussion of the most plausible explanation for the non-death of neoliberalism and the most likely avenue along which the post-crisis world might build an escape.
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The Pathway out of Neoliberalism and the Analysis of PoliticalIdeology in the Post-Crisis World
The Non-death of NeoliberalismRocking pluralist notions of collectivism and the public interest, neoliberalism emerged in the late 1970s and early 1980s trumpeting its core notions of competitive markets and a limited state as the solution to the nagging problems of unemployment, inflation and the lack of economic growth. In the decades that followed, neoliberalism reoriented key policy sectors in national economies across the North Atlantic and the Asia Pacific from health and education, to banking and finance, to trade and international relations. In the first decade of the new millennium, however, a liquidity shortfall in the US mortgage market precipitated a crisis that only state intervention prevented from becoming a catastrophic melt-down of the entire global financial system. At the height of the crisis, former agents of neoliberalism demanded decisive state intervention in the very governance regimes in which they had supplanted state authority, assumed self-regulatory functions and pressed consistently for still greater autonomy and market based freedoms. As the crisis unfolded, states demonstrated the centrality of their capacities for redistributive politics and shaping social compromises to the smooth functioning of the global economy. They seized control of troubled banks and investment houses. They printed and spent vast sums of public money to provide stimulus to faltering national economies. They bailed-out failing private enterprises, pro...