The Democratic Critique of Neoliberalism

This interesting reflection by William Davies assesses the contention that neo-liberalism, that much abused term, refers (using Karl Polanyi’s terms) to the highest stage of disembedding the economy from society. According to this view, homo economicus now reigns supreme in a national society and world in which economic calculations, especially the financial return on investments, are the only rational basis for decision-making in all spheres, including the university. With people reduced to human capital, nature to natural capital, knowledge to intellectual property and money to financial capital, society is fully subservient to the logic of the market. But, if this is the doctrine of neo-liberalism, is it also the existential reality? No, because the neoliberal vision is an utopian as the earlier liberal vision. A sustained effort to attain the vision will devastate human institutions and nature, leading to unpredictable and possibly deadly protective movements.

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About Richard

I am a Professor Emeritus of Political Science at the University of Toronto. I am currently interested in understanding how the humanistic tradition of the left can be adapted to fit the realities of the 21st century. I am particularly concerned with how we can deal equitably with the deadly challenge of climate change and live with globalization. My most recent academic research has focused on the Left’s experience in the Global South and on counter-hegemonic globalization. Africa has been the major site of my field work; I have also travelled widely in Latin America and Asia. My most recent books include Reinventing the Left in the Global South: The Politics of the Possible (2014), a revised and expanded edition of Civilizing Globalization: A Survival Guide (co-editor and co-author, 2014), and Social Democracy in the Global Periphery: Origins, Challenges, Prospects (co-author, 2007).