Quo vadis neoliberalism? The remaking of global capitalist governance after the Washington Consensus

doi:10.1016/J.GEOFORUM.2009.09.009

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Quo vadis neoliberalism? The remaking of global capitalist governance after the Washington Consensus

Journal Article•DOI•

Quo vadis neoliberalism? The remaking of global capitalist governance after the Washington Consensus

Eric Sheppard¹, Helga Leitner¹•Institutions (1)

University of Minnesota¹

01 Mar 2010-Geoforum (Pergamon)-Vol. 41, Iss: 2, pp 185-194

TL;DR: The post-Washington consensus, through which neoliberal global capitalist governance gained hegemony over the third world, entered a crisis in the late 1990s, triggered by the 1997 Asian financial crisis, and by contestations of neoliberal governance from global civil society as mentioned in this paper.

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About: This article is published in Geoforum.The article was published on 2010-03-01. It has received 140 citations till now. The article focuses on the topics: Global governance & Washington Consensus.

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Journal Article•DOI•

The pervasiveness of neoliberal territorial design: Cross-border infrastructure planning in South America since the introduction of IIRSA

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J. Miguel Kanai¹•Institutions (1)

University of Sheffield¹

01 Feb 2016-Geoforum

TL;DR: In this article, the authors examine the historical evolution and geographic biases of the Initiative for the Integration of South America's Regional Infrastructure (IIRSA) and present an analysis of the initiative's origins in the neoliberalization of Brazilian planning in 1990s; the characteristics of its first round of cross-border infrastructure investments during 2000-2010 period and its unaltered incorporation into the UNASUR institution, following South America’s recent post-neoliberal transition.

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27 citations

Journal Article•DOI•

Agro-Ecology and Food Sovereignty Movements in Chile: Sociospatial Practices for Alternative Peasant Futures

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Beatriz Eugenia Cid Aguayo¹, Alex Latta²•Institutions (2)

University of Concepción¹, Wilfrid Laurier University²

28 Jan 2015-Annals of The Association of American Geographers

TL;DR: The agro-ecology and food sovereignty movements of southern Chile promote alternatives to the hegemonic agroexport regime that dominates the landscape as mentioned in this paper, and explore these mobilizations and the strat...

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Abstract: The agro-ecology and food sovereignty movements of southern Chile promote alternatives to the hegemonic agro-export regime that dominates the landscape. We explore these mobilizations and the strat...

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26 citations

Journal Article•DOI•

Rethinking the bottom of the pyramid: A critical perspective from an emerging economy

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Alexandre Faria¹, Marcus Wilcox Hemais²•Institutions (2)

Fundação Getúlio Vargas¹, Pontifical Catholic University of Rio de Janeiro²

25 May 2017

TL;DR: The authors examines the odd trajectory of globalization of the bottom-of-pyramid (BoP) approach, drawing upon the decolonial theorizing from Latin America, and proposes a future-oriented cosmopoli.

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Abstract: Drawing upon the decolonial theorizing from Latin America, this article examines the odd trajectory of globalization of the bottom-of-pyramid (BoP) approach. Rather than a future-oriented cosmopoli...

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26 citations

Journal Article•DOI•

Entrepreneurial Religion in the Age of Neoliberal Urbanism

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Stephan Lanz¹, Martijn Oosterbaan²•Institutions (2)

European University Viadrina¹, Utrecht University²

01 May 2016-International Journal of Urban and Regional Research

TL;DR: In this paper, the authors argue that within a global, comparative perspective, the entwinement of religion, state and market reveal more complicated configurations and argue that urban religion should also be regarded as a constitutive force of contemporary capitalism and should therefore be placed at the heart of the neoliberal construction of urban space instead of at its margins.

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Abstract: The introduction to this symposium on entrepreneurial religion and neoliberal urbanism discusses leading scholarly approaches to religion and urban theory, arguing that, despite their merits, these approaches are in need of refinement. Theories on religion and urban theory too often describe religion as a reactionary phenomenon. Religious movements and spaces are generally defined as pockets of resistance and shelter against retreating or failing states under neoliberal restructuring programmes in the shadow of consumption dreams. Although religious actors and ideologies unquestionably form part of urban groups that are denied access to public and private means to wealth and security, the contributors to this symposium argue that within a global, comparative perspective, the entwinement of religion, state and market reveal more complicated configurations. Through a comparison of Islamic gated communities in Istanbul, Pentecostal prayer camps in Lagos and Pentecostal grassroots movements in the favelas of Rio de Janeiro, this symposium demonstrates that urban religion should also be regarded as a constitutive force of contemporary capitalism and should therefore be placed at the heart of the neoliberal construction of urban space instead of at its margins.

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26 citations

Journal Article•DOI•

Banking ‘development’: the geopolitical–economy of infrastructure financing

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Dimitar Anguelov

03 Jul 2021

TL;DR: In the post-2008 global economy, infrastructure development and financing have risen to the top of the development agenda, emerging as a contested field for global investments involving seemingly diametrically different goals.

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Abstract: In the post-2008 global economy, infrastructure development and financing have risen to the top of the development agenda, emerging as a contested field for global investments involving seemingly d...

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25 citations

Cites background from "Quo vadis neoliberalism? The remaki..."

...Between the neoliberal market-fundamentalist approach and China’s state-capitalist approach, Japan’s ‘state-guided’ approach reflects a continuation of its long-standing AREA DEVELOPMENT AND POLICY interventionism in support of the private sector, at odds with the neoclassical (post-) Washington Consensus framing....
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...The market-fundamentalist rationality of this post-Washington Consensus ‘good governance’ approach envisions that states play a limited role, restricted to establishing and enforcing the regulatory conditions for capitalist markets....
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...But it was the World Bank’s neoliberal approach, rooted in the hegemony of American financial capitalism, that continued apace in the succeeding decades, notwithstanding the Japanese pushback, and broader critiques levelled at neoliberal globalization (and the Washington Consensus) in the wake of the 1997 and 2008 financial crises (Sheppard & Leitner, 2010).6 MDBs have since built on (post-)Washington Consensus strategies to push ‘market deepening’ in developing countries (Carroll, 2012) in order to achieve Development....
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...Framed by competition between the neoliberal (post-)Washington Consensus and the state-capitalist ‘Beijing Consensus’ (Arrighi, 2007; Sheppard & Leitner, 2010), competing approaches to infrastructure financing highlight the mutual enframing of geopolitics and the meanings and relations of development (Slater, 1993)....
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...…and broader critiques levelled at neoliberal globalization (and the Washington Consensus) in the wake of the 1997 and 2008 financial crises (Sheppard & Leitner, 2010).6 MDBs have since built on (post-)Washington Consensus strategies to push ‘market deepening’ in developing countries…...
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References

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Book•

General Theory of Employment, Interest and Money

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John Maynard Keynes

01 Jan 1936

TL;DR: In this article, a general theory of the rate of interest was proposed, and the subjective and objective factors of the propensity to consume and the multiplier were considered, as well as the psychological and business incentives to invest.

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Abstract: Part I. Introduction: 1. The general theory 2. The postulates of the classical economics 3. The principle of effective demand Part II. Definitions and Ideas: 4. The choice of units 5. Expectation as determining output and employment 6. The definition of income, saving and investment 7. The meaning of saving and investment further considered Part III. The Propensity to Consume: 8. The propensity to consume - i. The objective factors 9. The propensity to consume - ii. The subjective factors 10. The marginal propensity to consume and the multiplier Part IV. The Inducement to Invest: 11. The marginal efficiency of capital 12. The state of long-term expectation 13. The general theory of the rate of interest 14. The classical theory of the rate of interest 15. The psychological and business incentives to liquidity 16. Sundry observations on the nature of capital 17. The essential properties of interest and money 18. The general theory of employment re-stated Part V. Money-wages and Prices: 19. Changes in money-wages 20. The employment function 21. The theory of prices Part VI. Short Notes Suggested by the General Theory: 22. Notes on the trade cycle 23. Notes on mercantilism, the usury laws, stamped money and theories of under-consumption 24. Concluding notes on the social philosophy towards which the general theory might lead.

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15,146 citations

Journal Article•DOI•

The General Theory of Employment, Interest and Money.

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Joseph A. Schumpeter, John Maynard Keynes

01 Dec 1936-Journal of the American Statistical Association

13,200 citations

Book•

A Brief History of Neoliberalism

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David Harvey

01 Jan 2005

TL;DR: The Neoliberal State and Neoliberalism with 'Chinese Characteristics' as mentioned in this paper is an example of the Neoliberal state in the context of Chinese characteristics of Chinese people and its relationship with Chinese culture.

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Abstract: Introduction 1 Freedom's Just Another Word 2 The Construction of Consent 3 The Neoliberal State 4 Uneven Geographical Developments 5 Neoliberalism with 'Chinese Characteristics' 6 Neoliberalism on Trial 7 Freedom's Prospect Notes Bibliography Index

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10,062 citations

Book•

The Great Transformation: The Political and Economic Origins of Our Time

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Karl Polanyi, Joseph E. Stiglitz, Fred L. Block

28 Mar 2001

TL;DR: In this paper, the key to the institutional system of the 19 century lay in the laws governing market economy, which was the fount and matrix of the system was the self-regulating market, and it was this innovation which gave rise to a specific civilization.

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Abstract: But the fount and matrix of the system was the self-regulating market. It was this innovation which gave rise to a specific civilization. The gold standard was merely an attempt to extend the domestic market system to the international field; the balance of power system was a superstructure erected upon and, partly, worked through the gold standard; the liberal state was itself a creation of the self-regulating market. The key to the institutional system of the 19 century lay in the laws governing market economy. (p. 3).

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8,514 citations

"Quo vadis neoliberalism? The remaki..." refers background in this paper

...…within nationstates of North Atlantic capitalism, dating back to the 18th century, between those propagating free markets and those seeking to protect society through ‘‘powerful institutions designed to check the action of the market relative to labor, land and money” (Polanyi, 2001 [1944], p. 79)....
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Journal Article•DOI•

A Brief History of Neoliberalism

[...]

Simon Springer

01 Jan 2007-Journal of Peace Research

8,455 citations

"Quo vadis neoliberalism? The remaki..." refers background in this paper

...Given the attention devoted to analyzing globalization since 1980 as approximating Hayekian neoliberalism (e.g., Brenner, 2004; Brenner and Theodore, 2002; Harvey, 2006), it is important to interrogate whether the post-Washington consensus represents a significant departure from this model, at least for the third world, or simply a variation on it....
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...While acknowledging that neoliberalism travelled to the US and the UK via Chile, the bulk of scholarship has focused on what happened thereafter (cf. Harvey, 2006; Peck and Tickell, 2002)....
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...…attention devoted to analyzing globalization since 1980 as approximating Hayekian neoliberalism (e.g., Brenner, 2004; Brenner and Theodore, 2002; Harvey, 2006), it is important to interrogate whether the post-Washington consensus represents a significant departure from this model, at least for…...
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