Quo vadis neoliberalism? The remaking of global capitalist governance after the Washington Consensus
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.
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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TL;DR: In the context of the crisis of neoliberal political economy and austerity, and debates about the resurgence of the state vis-a-vis the economy, the authors introduces the ordoliberal argument that the free economy presupposes the exercise of strong state authority, and that economic liberty is a practice of liberal governance.
Abstract: Ordoliberalism is the theory behind the German social market economy. Its theoretical stance developed in the context of the economic crisis and political turmoil of the Weimar Republic in the late 1920s. It is premised on the strong state as the locus of liberal governance, and holds that economic freedom derives from political authority. In the context of the crisis of neoliberal political economy and austerity, and debates about the resurgence of the state vis-a-vis the economy, the article introduces the ordoliberal argument that the free economy presupposes the exercise of strong state authority, and that economic liberty is a practice of liberal governance. This practice is fundamentally one of social policy to secure the sociological and ethical preconditions of free markets. The study of ordoliberalism brings to the fore a tradition of a state-centric neoliberalism, one that says that economic freedom is ordered freedom, one that argues that the strong state is the political form of free markets, ...
218 citations
Cites background from "Quo vadis neoliberalism? The remaki..."
...This view is core to the suggestion that the ordoliberal stance is ‘perhaps closest to post-Washington’ forms of governance (Sheppard and Leitner 2010: 188)....
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...In their view ordoliberalism appears as an anti-capitalist alternative to neoliberalism: they argue that neoliberalism is procapitalist and anti-state, and that ordoliberalism is critical of capitalism and prostate (Sheppard and Leitner 2010: 188)....
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...I doubt though that ‘its return’ will only entail ‘a more orderly, restrained form of market rule’ (Peck 2010: 275), in which the economy is ‘subject to controls’ (Sheppard and Leitner 2010: 188)....
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TL;DR: The authors examine the ways in which international volunteering seems to both exemplify neoliberal ideas of individual autonomy, improvement and responsibility and at the same time allies itself to notions of collective global citizenship, solidarity, development and activism.
Abstract: International volunteering occupies a popular place in contemporary UK public imaginations. It is supported by a range of stakeholders, including the state, the corporate sector and non-government organisations (NGOs), which increasingly share a narrative emphasising international volunteering’s capacity to develop volunteers whose impacts on global equity or their professional identities emerge on their return as much as during their stay overseas. This paper explores discourses and practices of citizenship, professionalisation and partnership as they produce and are produced through contemporary international volunteering. We do this through interrogating the overlapping genealogies of international volunteering and development. Our analysis explores the ways in which international volunteering seems to both exemplify neoliberal ideas of individual autonomy, improvement and responsibility and at the same time allies itself to notions of collective global citizenship, solidarity, development and activism. To illustrate our argument we examine two sets of volunteering partnerships, those that support the Department for International Development’s £10 million, 3-year programme focused on sending young, British disadvantaged people as international volunteers, and the corporate citizenship volunteer programmes supported by VSO and the international consulting firm, Accenture. Interrogating contemporary state, corporate and civil society promotion of international volunteering allows us to examine how notions of professionalisation and global and neoliberal citizenship are produced through development imaginaries, and are negotiated and constructed among and by new volunteering populations and sectors at a moment when, particularly due to the credit crunch, economic and career futures are fragile and uncertain.
205 citations
TL;DR: In this paper, the authors analyse the role of neoliberalism in contemporary processes of urban restructuring, drawing upon cutting-edge theoretical work within radical geography, critical urban studies, neo-marxian state theory and critical social theory.
Abstract: Description: This is the first volume to analyse systematically the role of neoliberalism in contemporary processes of urban restructuring. Drawing upon cutting–edge theoretical work within radical geography, critical urban studies, neo–marxian state theory and critical social theory, contributions by leading scholars map the spaces of neoliberalism that have been forged and contested within contemporary North American and Western European cities.
194 citations
TL;DR: In this article, the authors discuss the social, economic, and political factors that led to the rise and consolidation of precarious work in various countries in Asia, and define what they mean by "precarious work" and its utility for describing the growth of work that is uncertain and insecure.
Abstract: This article discusses the social, economic, and political factors that led to the rise and consolidation of precarious work in various countries in Asia. We first define what we mean by “precarious work” and its utility for describing the growth of work that is uncertain and insecure and in which risks are shifted from employers to workers. We then provide an overview of the factors that generated precarious work in industrial nations, notably the spread of neoliberalism as a political and economic perspective, the expansion of global competition, and technological development. These macro structural influences created an impetus for greater flexibility among both states and employers, which in turn led to more precarious work in both formal and informal sectors of the economies of many Asian countries. This, in turn, has provoked various types of resistance on the part of workers against the negative consequences of precarious work.
166 citations
TL;DR: In this paper, the authors propose a regional political economy, where the spatialities of capitalism co-evolve with its economic processes and economic, political, cultural and biophysical processes are co-implicated with one another.
Abstract: The line of scholarship dominating Anglophone geographers’ approaches to studying economic geography since 1980 can be characterized as geographical political economy; an approach prioritizing commodity production over market exchange. Here the spatialities of capitalism co-evolve with its economic processes and economic, political, cultural and biophysical processes are co-implicated with one another. Disequilibrium is normal and space/time an emergent feature. This approach is very different from geographical economics. Mutual engagement is desirable and most easily approached via the geographical sub-field of regional political economy. Regional political economy demonstrates that capitalism’s spatialities increase agents’ uncertainty and the likelihood of unintended consequences, that microfoundations are inadequate, and that capitalism is generative of economic inequality and uneven geographical development. The scope of geographical political economy is illustrated by the geography of commodity production.
141 citations
Cites background from "Quo vadis neoliberalism? The remaki..."
...…2011 joeg.oxfordjournals.org D ow nloaded from Swyngedouw, 1997; Rose, 1999; Larner, 2000; Brenner and Theodore, 2002; Peck and Tickell, 2002; Brenner, 2004; Jessop and Sum, 2006; Leitner et al., 2007; Peck and Theodore, 2007; Barnett et al., 2008; Brenner et al., 2010; Sheppard and Leitner, 2010)....
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References
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Book•
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.
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.
15,146 citations
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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.
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
10,062 citations
Book•
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.
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).
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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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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