What Exactly is Neoliberalism?

As with many ideas and concepts, "neoliberalism" means different thing to different people. They often talk past each other, for they don't have a common understanding of the term. In this piece, Wendy Brown, author of Undoing the Demos: Neoliberalism’s Stealth Revolution, first presents a compelling view of neoliberalism and then discusses the "consequences of viewing the world as an enormous marketplace".

The most common criticisms of neoliberalism, regarded solely as economic policy rather than as the broader phenomenon of a governing rationality, are that it generates and legitimates extreme inequalities of wealth and life conditions; that it leads to increasingly precarious and disposable populations; that it produces an unprecedented intimacy between capital (especially finance capital) and states, and thus permits domination of political life by capital; that it generates crass and even unethical commercialization of things rightly protected from markets, for example, babies, human organs, or endangered species or wilderness; that it privatizes public goods and thus eliminates shared and egalitarian access to them; and that it subjects states, societies, and individuals to the volatility and havoc of unregulated financial markets.

Each of these is an important and objectionable effect of neoliberal economic policy. But neoliberalism also does profound damage to democratic practices, cultures, institutions, and imaginaries. Here’s where thinking about neoliberalism as a governing rationality is important: this rationality switches the meaning of democratic values from a political to an economic register. Liberty is disconnected from either political participation or existential freedom, and is reduced to market freedom unimpeded by regulation or any other form of government restriction. Equality as a matter of legal standing and of participation in shared rule is replaced with the idea of an equal right to compete in a world where there are always winners and losers.

More here.

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[Namit]

Here is a video (20 mins) featuring Wendy Brown that complements the article above.
http://ineteconomics.org/ideas-papers/interviews-talks/wendy-brown-how-neoliberalism-threatens-democracy

"Neoliberalism, warns Brown, has created a form of reasoning in which human beings are reduced to their economic value and activity, and in which all fields of human activity are treated as markets and institutions, including the state, are increasingly run as if they were corporations. This logic is even applied to activities with no connection to wealth creation, such as education, dating, or physical exercise, which are increasingly governed according to market rules. People are treated in this schema, as units of human capital who must constantly tend to their own present and future value."