DeepSummary
This podcast episode is a deep dive into the topic of neoliberalism, featuring an interview with Ray Kiely, a professor of politics at Queen Mary University of London and author of the book 'The Neoliberal Paradox'. The discussion covers the history, theory, and political economy of neoliberalism, tracing its origins from thinkers like John Locke and Alexis de Tocqueville, and exploring the paradox at the heart of neoliberal thought - its reliance on the state while promoting free markets.
Kiely explains how neoliberalism emerged as a response to collectivist pressures for democracy and social rights, with thinkers like Friedrich Hayek advocating an 'authoritarian liberalism' to preserve the market order. The conversation delves into the different schools of neoliberal thought, including the Austrian, Chicago, and Ordoliberal traditions, and their varying approaches to monopolies and the role of the state.
The episode also examines the practical implementation of neoliberal policies, such as the structural adjustment programs imposed on developing countries in the 1980s by institutions like the IMF and World Bank. Kiely discusses the rise of neoliberalism in the US and UK under Reagan and Thatcher, as well as its spread across Europe and the challenges it faces today from populist movements like Brexit.
Key Episodes Takeaways
- Neoliberalism is rooted in a fear of democracy and collective demands, and emerged as an attempt by thinkers like Hayek to preserve elite rule and market order through an 'authoritarian liberalism'.
- The neoliberal paradox lies in its reliance on state power and intervention to construct and maintain free markets, despite its rhetoric of spontaneous market order.
- Different neoliberal schools like the Austrian, Chicago, and Ordoliberal traditions had varying approaches to issues like monopolies and the role of the state, but shared a commitment to market fundamentalism.
- Neoliberalism's practical implementation involved structural adjustment programs imposed on developing countries by institutions like the IMF and World Bank, as well as austerity policies in the US and UK under Reagan and Thatcher.
- Contemporary populist movements like Brexit and Trump's America reflect a shift towards a 'hyper-reactionary neoliberalism' that seeks to embed market order in cultural and racial terms, while retaining its core tenets.
- Neoliberalism's contradictions and paradoxes, such as the reality of centralized planning within corporations, pose ongoing challenges for its coherence and viability.
- Opposing neoliberalism requires challenging its underlying assumptions, such as the alleged fairness of labor contracts, and offering alternative visions that prioritize collective interests over market fundamentalism.
- Kiely's analysis highlights the complex interplay between neoliberal ideas, material realities, and political forces, and the need for nuanced critiques that go beyond simplistic characterizations.
Top Episodes Quotes
- “Neoliberalism's paradox can be captured between this gap between the spontaneity and the constructivism, which makes neoliberalism so difficult to define.“ by Ray Kiely
- “Now, of course, in the end, they are producing forward marketplace. But this is a world away from this kind of the Ordo liberal view, which is, you know, there's lots of free and independent producers all producing and exchanging goods with each other. What we've got is massive organizations where central planning takes place.“ by Ray Kiely
- “Leaving aside, of course, what Locke says about slaves and women and all these other things which aren't great, it has to be said, but it's a very unequal relationship, and so it's a social relation for Marx. And this is why Marx was, you know, so much more convincing than people like Locke.“ by Ray Kiely
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Episode Information
Dead Pundits Society
Dead Pundits Society
4/5/19