Post stories tagged with Neoliberalism
The economic transformation of the 1960s and 70s didn't happen by accident. At that time, it looked as if the movements for social justice had led to an ever-increasing share of the economic pie for ordinary workers, but the '80s witnessed a massive structural economic shift to the right in favour of entrenched wealth and power. The rise of neoliberal market-fundamentalist economics in the past few decades is usually presented as an inescapable economic reality. In fact, it was the result of a well-financed, well-organized assault on the public by wealthy elites and their political and media allies.
The recent global meltdown revealed the new economic order to be a financial house of cards. This should come as no great shock since the justification underpinning it is itself built on an intellectual house of cards. The only really surprising thing about the crash is that it took so long to happen. The market collapse was not an anomaly but rather a natural consequence—an inevitability contained within the contradictions and absurd premises of the neoliberal capitalism the world's governments have blindly pursued for the last several decades.
Conservative biases have confused our use of the term
Barack Obama?s choice of Wall Street insiders for financial advice and his plans for an Afghanistan troop surge should remind us not to conflate "liberal" with "left-wing progressive."
Our economic system is supposedly underpinned by economist Adam Smith's supply- and-demand principles. The modern incarnation of this philosophy is the corporation, which is relentlessly promoted by our political, economic, and media elites as the embodiment of the free market.