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A Brief History of Neoliberalism
Download PDF A Brief History of Neoliberalism
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Review
"The most accessible and succinct overview of neoliberalism as an ideology and economic practice yet written. It lays out the origins of the idea, the devastating impact it has had on labor in both the advanced and developing world, and how it deepened crisis tendencies within the system...Harvey has done the left a great service in laying out a clear, concise, and provocative history of neoliberalism, one that can help educate a new generation of radicals and revolutionaries."--International Socialist Review"Harvey's book is deeply insightful, rewarding and stimulating. His history of neoliberalism may indeed be brief, but the richness and profundity of this volume is without question."--Michael J. Thompson, democratiya"Presents a concise but extremely well-documented economic history of the last three decades, encompassing not only the usual G-7 countries but the entire world, with a particular emphasis on the US and capitalist China."-- Brian Holmes, Interactivist Info Exchange"David Harvey has done it again. He has provided us with the most lively, readable, comprehensive, and critical guide to what might be called 'the condition of neoliberalism', uncovering its origins, tracing its spread around the globe, and exposing its devastating effects on the vast majority of people everywhere."--Leo Panitch, Canada Research Chair in Comparative Political Economy, York University, Toronto"With characteristic brilliance, David Harvey offers a razor-sharp analysis of the history and current condition of neoliberalism. In an intellectually extraordinary tour de force, he dissects the contradictions between the freedoms offered by neoliberalism and the liberties desired by the people. This book convincingly demonstrates how neoliberalism restores class power, flirts openly with authoritarianism, and undermines democratic impulses. With democracy under siege, freedom's prospect resides squarely in the struggle for new political governance. A must read if you want to know the state we are in and how to change it."--Erik Swyngedouw, Professor of Geography, University of Oxford"This book compellingly challenges arguments praising the supposed advantages of neoliberalism. This is particularly important when the claim that there is no alternative to neoliberal restructing has been largely accepted... Harvey 's assessment of the shortcomings of neoliberalism and the practices used to distract attention from these shortcomings is indispensable to discussions of neoliberal policies."--Aaron Peron Ogletree, J.D. The Journal of Buddhist Ethics and The Electronic Journal of Sociology"Leave it to David Harvey to brilliantly summarize in little more than 200 pages what has taken more than thirty years to emerge as a political-economic form of governance."--The Professional Geographer"The many strengths of A Brief History of Neoliberalism cannot be adequately conveyed in this short space, but include powerful analyses of the devastating impact of neo-liberalism on the environment and labouring conditions (especially for women), a nuanced perspective on the external and internal forces compelling states to turn towards neo-liberalism, and the ways in which Marx's concept of "primitive accumulation" is highly pertinent to the neo-liberal era of capitalism."--Labour/Le Travail"If you want to sharpen your thinking and understanding of these questions then I strongly recommend David Harvey's new book. Even if you disagree with parts of this readable Brief History, your assumptions and analysis will be well tested, and your arguments improved."--Open Democracy
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About the Author
David Harvey is Distinguished Professor of Anthropology at the Graduate Center of the City University of New York. He formerly held professorial posts at Oxford University and The Johns Hopkins University, and has written extensively on the political economy of globalization, urbanization, and cultural change. Oxford University Press published his book 'The New Imperialism' in September 2003 (reissued in paperback February 2005).
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Product details
Paperback: 247 pages
Publisher: Oxford University Press (January 18, 2007)
Language: English
ISBN-10: 0199283273
ISBN-13: 978-0199283279
Product Dimensions:
7.7 x 1 x 5 inches
Shipping Weight: 11.8 ounces (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
72 customer reviews
Amazon Best Sellers Rank:
#21,883 in Books (See Top 100 in Books)
On the first anniversary of 9/11 President Bush made a speech saying, `Freedom is the Almighty's gift to every man and woman in this world... as the greatest power on earth we have an obligation to help the spread of freedom.' Spreading freedom is the primary function of neoliberalization but as George Lakoff stated in `Whose Freedom?' freedom can be a very subjective term. The freedom of neoliberalism is the glory of unfettered, free market economics and the rights of corporations and financial institutions over individuals and governments. It's the freedom to fully exploit resources and workers.From its founding, America's wealthy have feared democracy recognizing that the majority, being poor and middle class, could vote to redistribute wealth and reduce the control held by the elites. After World War II, the middle class in the United States grew dramatically, somewhat flattening the countries power base. As a reaction to this dispersal of power the early 1970's saw the formation of groups like The Business Roundtable, an organization of CEO's who were `committed to an aggressive pursuit of political power for the corporation'. As the author writes, `neoliberalization was from the very beginning a project to achieve the restoration of class power'. The neoliberal plan was to dissolve all forms of social solidarity in favor of individualism, private property, personal responsibility and family values. It fell on well funded think tanks like The Heritage Foundation to sell neoliberalism to the general public using political-philosophical arguments.At the same time a group of economists were working on economic theories that developed into the `Washington Consensus'. These followers of Hayek and Friedman just happened to create economic blueprints for growth that matched up exactly with the goals of the wealthy business elites. The plans were based on the superiority of the marketplace in making wise decisions but also assumed perfect information and a level playing field for competition. As the author writes, `...eminent economic theorists [...] argue that all would be well with the world if only everyone behaved according to the precepts of their textbooks' The neoliberal economists have become so focused on growth that they seem to take a decidedly amoral approach to human suffering. Above all countries needed to focus on privatization and low taxes and definitely avoid deficit spending. What has happened is a widening of the gap between the wealthy and poor. The author suggests that rather than an unfortunate byproduct of neoliberalism or a temporary situation this is the intended result.The great irony is that the U.S., the world's number one proponent of neoliberalism, generally finds itself breaking the rules. With high deficit spending and massive subsidizing particularly in consumerism and defense spending the United States has generally taken a `do as I say, not as I do' stance. With the amount of political appointee/lobbyists shuttling back and forth between business and government Adam Smith's `Invisible Hand' looks more and more like a crushing fist.This was not the book I expected. This is a devastating critique of neoliberalism. I didn't agree with everything the author wrote and there are most definitely many positives that have come from globalization but the corporatization of the world has the potential to by an enormous threat. Global Warming has to be the poster child for neoliberal extremism with short term economic growth trumping the welfare of the entire world. David Harvey has a decidedly liberal stance but he backs up his views with sobering facts. Despite being a book on economics I found it extremely readable and recommend it wholeheartedly.
David Harvey, distinguished professor of Anthropology and Geography at City University New York, presents an incisive and highly readable critique of the doctrine of political economy known as Neoliberalism. Whether or not you agree with his arguments, the book is a high quality piece of scholarship that is immensely well researched. Harvey provides in depth citations to check his sources and evaluate the implications he presents of the supporting material.As the book deals with a subject fundamental to our material well being in analyzing the impact of political-economy, its importance cannot be overstated – at the least this work should provide a starting point for those uninitiated to join the debate and for those critical of social conditions and the reasons given for these conditions by elites, to further their theoretical understanding and potential for action.In considering the practical implications of the book, the hope is that a critical engagement and reading of the media and political policies as elements of neoliberal discourse should assist citizens to form broad oppositional movements geared to improving social conditions.Harvey presents not only an outline of neoliberalism as an economic theory, but as having a clearly identifiable moral argument. It is this moral argument and premise underpinning the validity of neoliberalism that needs to be disputed.The moral premise that individual effort and merit determines economic outcomes is highly attractive, but largely false as structural factors are more relevant to improving social mobility. This position is crucial in supporting neoliberal policy decisions as elites can point to the sanctity of an individual’s freedom in engaging deregulation and privatization. Under this ideology, free enterprise and entrepreneurialism form the cornerstone of democratic freedom.A result of this is to justify increased inequality as a natural conclusion to fair economic competition, which is in fact quite unfair as elites are free to insulate themselves from competition. This is made apparent through the persistent bailouts of institutions suffering losses due to financial speculation and the process of capital accumulation that continues with the socialization of losses, while profits are privatized. As Harvey argues convincingly, neoliberalism in practice diverges significantly from theory and betrays its own moral justification, while also failing to deliver economic security for citizens.Neoliberalism has become a singular program of capital accumulation for the elites with little concern to grow the economy, reduce social risk or improve conditions for the general population. Evidence supporting this view illustrates a pattern of fiscal risks, low growth and more troubling, authoritarian and military responses to social unrest, which can be examined both domestically in the U.S. (through incarceration) and abroad in terms of foreign policy influencing NGO’s such as the IMF and World Bank to support interventions favorable to American investment banks and corporations eager to increase foreign direct investment.Harvey also presents a global, comparative analysis of the state of neoliberal political economy that illustrates how the application of these policies has varied accordingly to unique domestic factors, such as the degree of embedded liberalism and the strength of labor. He includes North America, Europe and China, with a focus on Sweden and China as particularly interesting due to a modified implementation of neoliberal policy. In China this was owed to integrating market-based reform with the Communist command economy and in the case of Sweden, existing and strong support for labor-oriented policy dampened the ability for neoliberal reforms to achieve their aims.Evaluating neoliberalism requires considering whether as a system of political economy, it has achieved its aims. Arguably, economic policies of deregulation and privatization have lead to economic growth, yet comparatively, economies avoiding neoliberalism have produced better growth rates over the long term. So as an engine of growth, the theory fails to deliver. Moreover, the growth engendered by neoliberalism has been characterized by economic instability and financial volatility, which is likely due to a reduced role for government regulation and a lack of countercyclical demand side interventions.Where government intervention does occur, it often comes in the form of bailouts that socialize the losses of speculation and reckless corporate practices, while leaving the offending elites free to abscond with the profits. In practice, neoliberal theory and the regulatory capture defining its political control, supports arguably criminal financial practices and negligent economic management at the level of the firm and state.Trickle down supply side arguments have failed to improve economic conditions and social safety nets have been cut in order to protect the increasingly unstable fiscal position of countries pursuing neoliberal policies. Countries following a social market based approach have faired much better in terms of social indicators and this is the major take away from Harvey’s argument – if we wish to improve conditions, neoliberal policies must be resisted. This argument extends to both social conditions and economic, and fiscal stability.The socialization of private losses through bailouts and corporate subsidies present a defining element of the desperation of policy makers to preserve an illusion of normalcy while inequality and debt due to poor economic management increase. A more dangerous factor emerges through the neoconservative answer to social unrest due to poor economic management, which is to criminalize the conditions of poverty. The U.S. has risen to the forefront of the incarceration enterprise with a world leading number of inmates per capita (2013). Elites can be regarded as increasingly dangerous due to their failure to change course and double down on disastrous policies with authoritarian responses.Make no mistake, the situation is dire and Harvey concludes on a very cautiously optimistic tone by quoting President Roosevelt, who implicated excessive market freedoms in causing the Great Depression. Such a contention in the Bush or Obama era political environment would be seen as exceedingly socialist, and save for left egalitarians like Senator Bernie Sanders, this position is infrequently articulated or met with derision. Although it is gaining traction in popular support and the 2016 Democratic primary is telling both in terms of population level support for working class politics, but also the desperation of neoliberal establishment figures such as Hilary Clinton and her supporters to maintain the status quo and reject a labor oriented politics.This book overwhelmingly achieves its objectives in laying bare the dangerous turn neoliberal politics has taken due to its failures, as it lurches from one financial crisis to the next, its key actors seem more willing to court authoritarian policy responses to shore up the weakening legitimacy of their claim to provide the best, evidence based economic policy. Intellectual and financial elites including Paul Krugman and George Soros have changed their position on neoliberalism, moving from cheerleaders to sounding the alarm on the worsening social, economic and fiscal conditions resulting from the neoliberal experiment.In a time defined by divisive identity politics citizens seem disconnected from the most meaningful and uniting basis for a common politics of the working class. Harvey presents a call to action to improve economic conditions for all citizens that is compellingly well researched. I suggest you read this book and see where you stand; you may find yourself convinced of the need for a broad based oppositional movement to oppose the elite’s profligacy and economic mismanagement that is neoliberalism.
On one hand this only adds fuel to my already well-it bonfire of paranoia but it's a very well-written book. Had to read it for a class and was not too keen but once I started, I could not stop. I plan on reading the whole book beyond the assigned page range. Articulate and concise, without the usual, largely incomprehensible academic jargon, very clearly lays out what's been going on. Scary.
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