DeepSummary
Adam Proctor and Sam Gindin discuss the notion that neoliberalism is coming to an end, in light of the Biden administration's policies and rhetoric. Gindin explains that neoliberalism emerged as a response to the economic crises of the 1970s, aimed at restoring profitability by weakening labor and liberalizing finance. He argues that neoliberalism is not primarily an ideology, but a structural fix to facilitate capital accumulation.
Gindin contends that the state plays a crucial role in neoliberalism, intervening to create and maintain market conditions favorable to capital. He notes that finance became deeply integrated with industry, enabling capital to assess profitability and reallocate resources more efficiently. However, the undermining of labor and the left's inability to offer a viable alternative has allowed neoliberalism to persist.
Gindin suggests that Biden's policies are more about restoring legitimacy and managing contradictions within the system, rather than fundamentally challenging neoliberal capitalism. He argues that without significant pressure from a revitalized labor movement and a class-rooted left, the underlying neoliberal accumulation regime is unlikely to be dismantled, despite superficial changes.
Key Episodes Takeaways
- Neoliberalism emerged as a structural fix to facilitate capital accumulation in response to the economic crises of the 1970s, involving the weakening of labor, liberalization of finance, and the integration of finance and industry.
- The state plays a crucial role in neoliberalism, intervening to create and maintain market conditions favorable to capital accumulation rather than being diametrically opposed to markets.
- Biden's policies are more about restoring legitimacy and managing contradictions within the neoliberal system, rather than fundamentally challenging or dismantling it.
- Significant transformation away from neoliberalism would require a revitalized labor movement and a class-rooted left capable of exerting pressure from below and offering a viable alternative.
- The integration of finance and industry under neoliberalism challenges simplistic notions of finance as purely speculative or the idea that industry has been subsumed by finance.
- The left's detachment from the working class and its inability to offer a credible alternative to neoliberalism has been costly, allowing the system to persist despite its contradictions.
- Neoliberalism's persistence is not merely a matter of ideology or policy preferences, but a structural regime of accumulation facilitated by state intervention and the disciplining of labor.
- Understanding the historical and material conditions that gave rise to neoliberalism is crucial for developing strategies to transcend it, rather than relying on superficial or ideological critiques.
Top Episodes Quotes
- “Leo and I went further. We actually argued that the making of capitalism, that was freeing up capital and trying to channel labor into individualist, consumerist ways, began after the war. It was actually part of the making. So in a sense, we kind of. I don't remember if we wrote much about this, but amongst the two of us, we're thinking of that's really when neoliberalism starts, this real drive for a particular kind of accumulation.“ by Sam Gindin
- “The key thing in all of this, in terms of figuring out isn't just kind of trying to understand all these technical things and what capital is doing and competition. It's getting to the question of where does the working class fit into this. If the working class is passive, then it is hard to talk about neoliberalism ending.“ by Sam Gindin
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Dead Pundits Society
Dead Pundits Society
6/19/21