Martin Jacques on the ‘death of neoliberalism’

Martin Jacques’ article in the Observer today is well worth reading if you haven’t already done so. I’m not sure it says that much that’s new but it does connect a few dots quite successfully. It presents a convincing and coherent analysis of the current political and economic conjuncture in Europe (especially the UK) and the US – weaving together the 2008 financial crisis and its aftermath with the rise of ‘populism’ and ‘anti-political’ distrust of elites for example – setting this in longer term historical context.

Though powerful, I have to say that I find something slightly frustrating and incomplete about this sort of neoliberalism-critique however. It comes down to a rather glaring absence of consideration of the structural determinants of neoliberal hegemony in these pieces. Neoliberalism is often presented largely in terms of a sort of ideological worldview or political-economic school of thought. As if its hegemony is determined in wholly political or ideological terms – rooted in and reproduced through political discourse and wider ‘cultural’ factors and so on. This comes out strongly I think in Jacques’ argument (predictably so perhaps as a Marxism Today  neo-Gramscian). There’s the rather brisk argument here for example that social democratic parties simply became disciples of neoliberalism and globalism – as if they were intellectually/morally seduced by a false gospel or something. As if the turn from social democracy to social liberalism was a freely chosen set of policy reversals.

But wasn’t the neoliberal turn conditioned by real pressures on national structures of post-war capital accumulation – slowing growth, intensifying international competition, growing international interdependence? Don’t these pressures and constraints on capital still exist? Might individual national governments in Europe simply choose to become more interventionist, dirigiste, to divert a larger share of national income to wages etc 30 years after the defeat of the Mitterrand experiment? Is it simply a matter of political will to be constructed and reinforced via cunning ideological wars of manoeuvre? Wouldn’t full blooded social democratic  economic policy – as usual – intensify pressure on profits and sharpen the crisis? Isn’t neoliberalism, in large part, simply a default set of policy choices for the management of capitalism in the absence of the extraordinary conditions characteristic of the 1950s and 60s?

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