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Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown

After the financial apocalypse, neoliberalism rose from the dead—stronger than ever
At the onset of the Great Recession, as house prices sank and joblessness soared, many commentators concluded that the economic convictions behind the disaster would now be consigned to history. And yet, in the harsh light of a new day, we’ve awoken to a second nightmare more ghastly than the first: a political class still blaming government intervention, a global drive for austerity, stagflation, and an international sovereign debt crisis.

Philip Mirowski finds an apt comparison to this situation in classic studies of cognitive dissonance. He concludes that neoliberal thought has become so pervasive that any countervailing evidence serves only to further convince disciples of its ultimate truth. Once neoliberalism became a Theory of Everything, providing a revolutionary account of self, knowledge, information, markets, and government, it could no longer be falsified by anything as trifling as data from the “real” economy.

In this sharp, witty and deeply informed account, Mirowski—taking no prisoners in his pursuit of “zombie” economists—surveys the wreckage of what passes for economic thought, finally providing the basis for an anti-neoliberal assessment of the current crisis and our future prospects.

Reviews

  • “A fascinating account.”
  • “The best and most thorough treatment of the financial crisis’s impact upon the economics profession.”
  • “A study guide for those who saw Inside Job and want more… Anyone who reads it will recognize the author’s enormous energy and originality.”
  • “Raucous, irreverent and highly perceptive.”
  • “It is hard to imagine a historian who was not an economist (as Mirowski is) being able to encompass the economics of the second half of the 20th century in its diversity and technicality.”
  • “Mirowski is the most imaginative and provocative writer at work today on the recent history of economics.”
  • “A powerful critique of neoclassical economics.”
  • “An important demolition of neoliberal dogmas.”
  • “Well worth reading.”
  • “Mirowski exposes the neoliberal takeover of minds and culture with an erudition, style and—dare I say it?—vocabulary that makes deep digging in this Great Bog of Repression almost a pleasure. This book shows how economic ideas caused the crisis. And it demonstrates their enduring triumph, which is that nothing has changed or will change, as we careen from the last disaster to the next one.”

Blog

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    We present a reading list of titles that examine our current economic state, including Wolfgang Streeck's critically-acclaimed analysis, 
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    All these books are 40% off (with free shipping) until Feb 5th, midnight UTC. Click here to activate your discount.

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  • Capitalism: Its Death and Afterlife

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    "Wolfgang Streeck: the German economist calling time on capitalism" - Aditya Chakrabortty interviews Wolfgang Streeck.


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  • Trump and the Present Crisis

    This piece will appear in Salvage issue 4, which can be pre-ordered here



    Donald Trump’s election to the US Presidency produced shock and disbelief for liberals, progressives, and leftists around the world. Here, in the US, it has been accompanied by a collective nausea that refuses to pass. Even many who recognize the impoverished mythos of America’s democratic perfectibility and exceptionalism mourn the passing of something they never believed. That said, there is a tendency to over-read what an election means in a backward looking way. But elections do not provide us with a diagnostic of a country; they are voter mobilization projects (conducted, in the main, by elites). The interpretation of the results, their meaning and mandate, retains a character of political positioning, even score settling, after the fact. The desire to parse and explain what enabled the disastrous outcome of a Trump Presidency with Republican Party control of the US government is understandable. Most of the early analysis, however, neglects longer term accounting for how we got here, and thus contributes to our collective disorientation.

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