The False Promise and Bitter Fruit of Neoliberalism
FEATURED RESEARCH PAPER, 22 May 2023
Thomas Palley - TRANSCEND Media Service
Political Economic Disembedding, Cultural Transformation, and the Rise of Proto-Fascist Politics
Abstract
11 Oct 2022 – Neoliberalism is a political economic philosophy that consists of two claims, one economic and the other political. The economic claim is free market laissez-faire economies are the best way to organize economic activity as they generate efficient outcomes that maximize well-being. The political claim is free market economic arrangements promote individual liberty. This paper argues both claims are problematic.
The evidence from the forty-year experiment that began in 1980 shows Neoliberalism has undercut shared prosperity and unleashed illiberal forces that threaten liberty. The paper distinguishes between the first political turn which saw the establishment of Neoliberal political hegemony, and the second political turn toward proto-fascism that we are now experiencing.
The second turn is being driven by a collection of factors which have created a demand for proto-fascism and weakened the defenses against alt-right ideas. Those factors include socio-economic disembedding, institutional destruction and political disembedding, increased economic inequality that tilts political power, transformation of attitudes to government and governance, transformation of economic identity, and cultural transformation that celebrates sociopathic egotism.
The Third Way’s capture of center-left politics means liberal elites occupy the political place that should be held by true opponents of Neoliberalism. Those liberal elites obstruct the politics needed to reverse the deep causes of the drift to proto-fascism. Ironically, that makes those elites a real danger.
READ THE PAPER
or
PDF Download (37 pp.)
__________________________________
Thomas Palley – Economics for Democratic and Open Societies
Go to Original – thomaspalley.com
Tags:
Capitalism,
Democracy,
Economics,
Fascism,
Free Trade,
Freedom,
Liberalism,
Market,
Market Culture,
Western Liberalism
Share this article:
email
mastodon
facebook
🔗 copy link
DISCLAIMER: The statements, views and opinions expressed in pieces republished here are solely those of the authors and do not necessarily represent those of TMS. In accordance with title 17 U.S.C. section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. TMS has no affiliation whatsoever with the originator of this article nor is TMS endorsed or sponsored by the originator. “GO TO ORIGINAL” links are provided as a convenience to our readers and allow for verification of authenticity. However, as originating pages are often updated by their originating host sites, the versions posted may not match the versions our readers view when clicking the “GO TO ORIGINAL” links. This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
Thank you for making your historical definition of neoliberalism and its political as well as economic consequences in the Western world. To me neoliberalism finds its route in the addiction to wealth which has translated itself in the need to colonize and isolate the victim of their theft of land and resources. All around me I see people struggling to recover a sense of community where they can feel accepted for who they are and where they can find meaningful support and guidance. The Western world likes to compartiment everything and use the resulting isolation as a weapon of choice to ensure that they can continue to nurse their love of economic wealth. Could we describe neoliberals as addicts out of control? If so, maybe once we figure out how to tackle the root cause of drug addictions in our cities we can then figure out a way to tackle this addiction to economic wealth and control of others. There seems to be many forms of colonialism. I believe neoliberalism to be one of those forms.