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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Citations

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Journal Article•DOI•

New Configuration of the Brazilian State: Liberty and Development in the Evolution of Government in Brazil

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Maya Reyes-Ricon, Deborah Moraes Zouain, Roberto da Costa Pimenta, Gustavo de Oliveira Almeida

01 Dec 2010-Bar. Brazilian Administration Review

TL;DR: In this paper, the authors developed insights into the evolution of the governmental organization and reflected on the assumptions that lie behind the various reforms that have taken place since the beginning of the Brazilian Republic.

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Abstract: The recent events in the global economy have revitalized the debate about the size and functions of the State. The neoliberal discourse was put in check, reopening the discussions concerning Market Liberty and the importance of the State. Since the proclamation of the Republic, the Brazilian government has undergone numerous reforms, sometimes assuming a liberal, external market dependent orientation, while at other times assuming an authoritarian, developmental state-driven orientation. The aim of this article is to develop insights into the evolution of the governmental organization and reflect on the assumptions that lie behind the various reforms that have taken place since the beginning of the Republic. The theoretical framework is divided into three parts: Development and Liberty based on the perspectives of Friedrich Hayek and Amartya Sen; the role of the State and its impact on the economy and; the formats assumed by the Brazilian State throughout the history of the Republic. The latter part of the work returns to the theoretical framework, summarizing all that has been discussed in order to fulfil the aims of the study.

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5 citations

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

...…in light of the recent hegemony of neoliberal rhetoric which defends a global market economy, supported by the free circulation of financial capital, could have reemerged on the world stage with so much emphasis (Bresser-Pereira, 2009; Datz, 2009; Santos et al., 2007; Sheppard & Leitner, 2010)....
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Dissertation•

Poverty Reduction and Governance in the African Periphery: A critical analysis of the World Bank’s Poverty Reduction Strategy in the political economies of sub-Saharan Africa

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Joshua Phillippo-Holmes

01 Oct 2014

5 citations

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

...Within the PRS decentralisation is designed to expand state capacities and subordinate local authorities into a disaggregated regime of service delivery, rather than providing enhanced local representation (Sheppard & Leitner, 2010: 187)....
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...…centre of the latest phase of a “wider historical Liberalism” in development theory, a project with a long history “of promising relief from poverty to those who respected, above all, the rule of law, and the property rights of the powerful” (Craig & Porter, 2006: 7; Sheppard & Leitner, 2010: 189)....
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Journal Article•DOI•

The Resilience Agenda in Neoliberalising Cambodia

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Iain Watson¹•Institutions (1)

Ajou University¹

04 Jul 2019-New Political Economy

TL;DR: In this paper, the authors provide a critical assessment of disaster risk reduction and resilience strategies in Cambodia with reference to resilience, and argue that resilience is a part of and corre...

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Abstract: The paper provides a critical assessment of disaster risk reduction (DRR) and resilience strategies in Cambodia with reference to resilience. The paper argues that resilience is a part of and corre...

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5 citations

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

...However, as Springer (2011) notes ‘while the basic tenet of neoliberalism in theory is that it involves less rather than more government interference’ its actual practice as neoliberalisation ‘is a much different beast’....
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...There are also different relations between ‘types’ of neoliberalism(s) and types of resilience(s) (Sheppard and Leitner 2010, Springer 2010a, 2010b, 2011, 2013)....
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...Firstly, Springer (2011) notes how the Cambodian patrimonial elites propagate a particular narrative that modernity and neoliberalism are connected to, and can be legitimated by, selected and chosen pre-modern traditions of Cambodia as a national destiny chronology....
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Journal Article•DOI•

Toward a more ambitious role for economic geography in response to the global financial crisis

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Katharine N. Rankin¹•Institutions (1)

University of Toronto¹

01 Mar 2011-Dialogues in human geography

TL;DR: Hussan as mentioned in this paper made a compelling case that individual myopia and facilitating institutional frameworks must be factored as "essential ingredient[s] in a comprehensive treatment of the causes and consequences of [the global financial] crisis" of 2007-2008.

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Abstract: Gordon Clark makes a compelling case that individual myopia and facilitating institutional frameworks must be factored as ‘essential ingredient[s] in a comprehensive treatment of the causes and consequences of [the global financial] crisis’ of 2007–2008. Economic geographers have a special role to play in specifying the limits of human rationality and the institutional complexity of financial markets, he argues, and thus also in countering the liberal creed that continues to place stock in the capacity of markets to self-regulate, even in the aftermath of the crisis. I am in full agreement with these general propositions. The ‘dialogue’ I would like to interject centers on three key limitations to the critique of economic liberalism as it is presented here: the analytical primacy given to individual behavior, the specification of myopia as a universal human trait, and the representation of markets as ecological systems. These epistemological orientations produce a truncated vision of the role economic geography has to play in probing the causes of the crisis, as well as in developing critical geographic imaginaries in response to it. I make this argument with reference to the G8/20 Summits that took place in Toronto in June 2010, and the insights they afford about (a) market structure, (b) global governance and the sociospatial construction of markets, and (c) economic subjectivity. We can begin with the protests and the parallel People’s Summit, which frame a critique of global governance in more explicitly structuralist terms. The critique centers on the role of the G8/20 Summits in creating the conditions for the functional integration of financial activity across the globe and for the colonizing displacements upon which such globalized forms of financial capitalism depend (Hussan, 2010; People’s Summit, 2010). Such perspectives find affirmation from scholars of global political economy, whose work suggests that the short-term orientation of market actors, and their disregard for base-rate information, were more of a trigger than a cause of the crisis; the cause of the market instability to which actors were responding can rather be found in more

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4 citations

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

...…of the Iraq war and the financial meltdown emanating from Wall Street, an alternative consensus can be found to be emerging through the leadership of the EU, Japan, Brazil and prominent US-based economists who have assumed a more heterodox stance (Hatoyama, 2010; Sheppard and Leitner, 2010)....
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...In the aftermath of the Iraq war and the financial meltdown emanating from Wall Street, an alternative consensus can be found to be emerging through the leadership of the EU, Japan, Brazil and prominent US-based economists who have assumed a more heterodox stance (Hatoyama, 2010; Sheppard and Leitner, 2010)....
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Journal Article•DOI•

Book Review Symposium

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Ananya Roy¹•Institutions (1)

University of California, Berkeley¹

01 Mar 2012-Antipode

TL;DR: Ananya Roy's Poverty Capital: Microfinance and the Making of Development (2010) as mentioned in this paper is an extraordinary inspiration to many geographers, and so it was no surprise that the session about her book at the 2010 meetings of the Association of American Geographers generated a giant audience that spilled out into the corridor.

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Abstract: Introduction Debtscapes, Double Agents and Development: Reflections on Poverty Capital It is an honor for me to introduce this series of reflections on Ananya Roy’s important book Poverty Capital: Microfinance and the Making of Development (2010). Her work is an extraordinary inspiration to many geographers, and so it was no surprise that the session about her book at the 2010 meetings of the Association of American Geographers generated a giant audience that spilled out into the corridor. Vicky Lawson, Katherine Rankin, Michael Watts and Stephen Young all provided provocative readings informed by their own diverse ethnographic and intellectual insights into microfinance and millennial development. And to these, Roy responded with more new insights and provocation of her own. The result was a highly energized and engaging encounter which—thanks to the editorial support of Vinay Gidwani—we are now pleased to be able to share with the wider community of Antipode readers. At the conference a number of audience participants remarked on how generative the collective effort at review and criticism had been. Yes, “author meets critics” sessions can degenerate into “author meets sycophants” or “author meets attack dogs” spectacles, but this was neither. Instead, persistent critique—the Spivakian idea that our writings have essential limits that are best made open to the antiessentializing enquiry of others—was enacted with care (and without picky pointscoring about who reads Spivak most correctly). Indeed, this included care about our complicitous double agency as academics, our organic intellectual aspirationscum-cooptations, and our ongoing struggles to think and engage outside of the privileged, albeit besieged and debt-disciplined, box of the university. More substantively, but relatedly, the session further provided reports from the frontlines of development and debt beyond the university. This is a world in which, as Roy argues and as her commentators discuss, academically trained double agents also play an influential role, a world where intellectual debts to Gramsci and Grameen go hand in hand with the financialization of microcredit as microfinance by the world’s biggest banks. And it is a world, therefore, that is better understood and navigated by those who can come to terms with how their own complicities compare with those of other double agents working in capitalist organizations that range from the World Bank to Hezbollah. By recording and amplifying the key notes of the conference conversation the following commentaries provide readers with an opportunity to do some critically comparative self-reflection of their own. Yet by connecting the concern with academic double agency to the double agents of microfinance, the main

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4 citations

Additional excerpts

...Roy instead narrates the continuities (see also Sheppard and Leitner 2010)....
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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

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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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