The Rise of Neoliberalism in Advanced Capitalist Economies : A Materialist Analysis

Offering an account of the rise of neoliberalism that is both is unique and dramatic, The Rise of Neoliberalism in Advanced Capitalist Economies argues that political and cultural factors are subsidiary to the main causes, which are located in the forces and relations of production, as emphasized by historical materialism. Starting with an assessment of the major characteristics of historical materialism, both as a general theory of economic systems, and as a theory of capitalism, this study analyses the views of key social thinkers from Marx to Keynes, Hayek to Galbraith, all of whom predicted the long-term decline of the market. But, as this book argues, all were wrong. This book examines why these thinkers were misled, and contrasts these reasons with those more powerful factors located in the forces and social relations of production that drove capitalism in an opposite, neoliberal direction. The authors argue that the rise of neoliberalism was delayed by the market-weakening effects of two World Wars and the Great Depression. They conclude by using the same principles of historical materialism to appraise the prospects for a reversal of neoliberalism in 21st century, focusing on wars, financial crises, political revolts and the market-damaging consequences of global warming.

Offering an account of the rise of neoliberalism that is both unique and dramatic, The Rise of Neoliberalism in Advanced Capitalist Economies argues that political and cultural factors are subsidiary to the main causes, which are located in the forces and relations of production, as emphasised by historical materialism. Starting with an assessment of the major characteristics of historical materialism, both as a general theory of economic systems and as a theory of capitalism, this study then turns to analyse the views of key social thinkers from Marx to Keynes, Hayek to Galbraith, all of whom predicted the long-term decline of the market.

This book examines why these thinkers were misled, and contrasts these reasons with those more powerful factors located in the forces and relations of production that drove capitalism in an opposite, neoliberal direction. The authors argue that the rise of neoliberalism was delayed by the market-weakening effects of two World Wars and the Great Depression. They conclude by using the same principles of historical materialism to appraise the prospects for a reversal of neoliberalism in the twenty-first century, focusing on wars, financial crises, political revolts and the market-damaging consequences of global warming.

Contents......Page 6 Preface......Page 7 Introduction......Page 8 Part I: Historical Materialism: A Theory of Economic Systems......Page 20 1 A General Theory of Economic Systems......Page 22 2 A Theory of Capitalist Economic Systems......Page 49 Part II: Theorists of Modern Capitalism on the Decline of the Market......Page 82 3 Marx and the Marxists on the Decline of the Market......Page 84 4 Neoclassicals, Keynesians and Heterodox Economists on the Decline of the Market......Page 120 Part III: Neoliberalism and Modern Capitalism......Page 152 5 Market Elimination in Modern Capitalism: Where the Theorists were Right......Page 154 6 The Return of the Market: Where They All Went Wrong......Page 169 Part IV: Neoliberalism: Past, Present and Future......Page 198 7 Why Was Neoliberalism Delayed?......Page 200 8 What Might Reverse Neoliberalism?......Page 228 Notes......Page 252 References......Page 279 B......Page 309 E......Page 310 H......Page 311 L......Page 312 O......Page 313 S......Page 314 W......Page 315 Z......Page 316 C......Page 317 D......Page 318 E......Page 319 G......Page 320 I......Page 321 M......Page 322 P......Page 323 S......Page 324 V......Page 326 Y......Page 327 This book is a strikingly original and provocative interpretation of the rise of neoliberalism, drawing on the principles of historical materialism. It explains why the rise of neoliberalism didn't happen until the 1970s. It presents controversial argument on causes behind the development of neoliberalism. Authors have strong reputations and have been collaborating for thirty years including the History of Marxian Economics, volumes 1 and 2 (published by Palgrave)In this unique and dramatic account of the rise of neoliberalism, Howard and King consider the major features of historical materialism, the factors which resulted in Nineteenth and Twentieth century thinkers incorrectly predicting the long-term decline of the market, and the prospects for a reversal of neoliberalism in the Twenty-first century "Offering an account of the rise of neoliberalism, The Rise of Neoliberalism in Advanced Capitalist Economies argues that political and cultural factors are subsidiary to the main causes, which are located in the forces and relations of production, as emphasised by historical materialism, both as a general theory of economic systems and as a theory of capitalism."--Jacket In this unique and dramatic account of the rise of neoliberalism Howard and King consider the major features of historical materialism, the factors which resulted in 19th and 20th century thinkers incorrectly predicting the long-term decline of the market, and the prospects for a reversal of neoliberalism in the 21st century.