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: The authors argue that neoliberalism's paradoxical death, dominance, and retrenchment can be interpreted by analyzing the dialectic of universalizing processes and particular forms within capitalism, and demonstrate how ideological commitments to event-based development strategies allow both the homogenizing imposition of entrepreneurial urban policy, and localized innovations in urban governance.
Abstract: A reading of critical perspectives on neoliberalism would suggest that it is dead but dominant, a revanchist zombie that appears paradoxically ubiquitous despite its inherent idiosyncrasy. We argue that neoliberalism's paradoxical death, dominance, and retrenchment can be interpreted by analyzing the dialectic of universalizing processes and particular forms within capitalism. Neoliberal projects draw political import from systemic, universalizing tendencies in capitalism, particularly those ideological processes by which contradictions and crises come to be discursively, institutionally, and politically conceptualized within the same paradigm from which they emerged. Building on well developed research frameworks in neoliberalism studies, we propose a set of analytical tools to interpret links between particular projects and homogenizing practices. We illustrate this with a case study of urban "megaevents" (eg Olympic Games or football World Cup), demonstrating how ideological commitments to event-based development strategies allow both the homogenizing imposition of entrepreneurial urban policy, and localized innovations in urban governance.
39 citations
TL;DR: In the context of the contemporary crisis of neoliberal political economy, the politics of austerity has reasserted the liberal utility of the state as the political authority of market freedom.
Abstract: In the context of the contemporary crisis of neoliberal political economy, the politics of austerity has reasserted the liberal utility of the state as the political authority of market freedom. This article argues that economy has no independent existence, and that instead, economy is a political practice. It examines the political economy of Adam Smith and the German ordoliberal tradition to decipher the character of the political in political economy and its transformation from Smith's liberal theory into neoliberal theology. Ordoliberalism emerged in the late 1920s at a time of a manifest crisis of political economy, and its argument was fundamental for the development of the neoliberal conception that free economy is matter of strong state authority. The conclusion argues with Marx that the state is the concentrated force of free economy.
38 citations
TL;DR: The authors argue that cross-city initiatives to share planning expertise can function both as policy-making networks and as markets for policy knowledge, as urban governance stakeholders strategically leverage intercity initiatives for sharing urban planning knowledge.
Abstract: Recent scholarship on policy mobility, globally active municipal governments, and transnational city-to-city policy making suggest a new dynamic in entrepreneurial cities: entrepreneurialism based not only on place competition, but also based on practices of interurban networking. This paper argues that cross-city initiatives to share planning expertise can function both as policy-making networks and as markets for policy knowledge, as urban governance stakeholders strategically leverage intercity initiatives for sharing urban planning knowledge. Bidding to host sporting ‘megaevents’ highlights these networked entrepreneurial strategies. A comparative study of bids to host the Olympic Games over a twenty-year period shows that policy-making knowledge (templates, models, and best practices) shared between cities is both necessary for competing to host events, and represents ‘policy commodities’ that planning coalitions can use as part of their entrepreneurial portfolios. While much commentary on interurban...
37 citations
Cites background from "Quo vadis neoliberalism? The remaki..."
...Contemporary urban policy making is said to reflect broader variegations in neoliberal political economies (Sheppard and Leitner, 2010), as mobile policies mutate as they are emulated and tailored through local experimentation (McCann, 2010)....
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TL;DR: In this paper, the scope and constitution of civil society work in two rural districts in Tanzania are examined, where the authors define the work as contracting, volunteering, and scalar work.
36 citations
Dissertation•
01 Jul 2013
TL;DR: This article explored the imaginary dimensions of economic crisis through a study of the interface between practices of historical representation and processes of social construction, arguing that a sense of history cannot be disentangled from the phenomena that it strives to apprehend.
Abstract: This thesis explores the imaginary dimensions of economic crisis through a study of the interface between practices of historical representation and processes of social construction Its core argument is that a sense of history cannot be disentangled from the phenomena that it strives to apprehend As a result, there can be no fixed and objective relation between the evolution of global capitalism and its long history of crises Instead, the very intelligibility of both ‘crisis’ and ‘history’ is produced through an iterated telescoping of time, whereby more or less distant events and episodes are grasped together in ways that lend meaning to those of the present This argument is taken forward via an in-depth and quasi-historical analysis of the 2008 crisis Focusing on how past crises figure within the pronouncements of international policymaking organisations and the commentary of the global financial press between 2007 and 2009, it develops a typology of different practices of historical representation and the various interpretive functions they are capable of performing In so doing, it makes a theoretical contribution to the constructivist and cultural political economy literatures on the discursive negotiation of crisis
34 citations
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
13,200 citations
Book•
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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