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Recently, there's been much talk about the demise of neoliberalism. Some are contemplating the emergence of “post-neoliberalism," even if its conceptual and political contours remain blurry. For others, today's neoliberalism is a bit like Schrödinger's cat, simultaneously dead and alive. 

Drawing on Syllabus knowledge-curation infrastructure, we are mapping these discussions. As a start, we have clustered some of the ongoing conversations into six distinct themes (each further divided into three subtopics). This, of course, is not a definitive or exhaustive list. But we do think it’s a reasonable place to begin exploring these debates.  

For each subtopic, we have included pointers to some of the readings we found most stimulating. We are also conducting interviews with prominent voices in these debates, and will be updating the relevant sections accordingly.

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Amy Kapczynski on how the law and neoliberalism changed each other

Dieter Plehwe on the past, present, and future of neoliberalism

Thinkers like Friedrich Hayek celebrated competition as a hallmark of neoliberalism, pointing to its many beneficial effects on society as a whole (Hayek famously theorized it as a “discovery procedure”). And yet, despite decades of neoliberal policies, the economic landscape in much of the world is not exactly competitive. Some of it has to do with debates internal to the neoliberal camp (e.g. insistence on consumer sovereignty – and lower prices – driving out concerns over market concentration), but there are also structural factors – some having to do with network effects and peculiar, IP-related features of the digital economy – that stand in the way of competition. There are also growing calls to depart from the consumer sovereignty yardstick, to better account for the power relations that are often missing from the picture. We have clustered these debates in three groups: Users, Consumers, Platforms; The New Superstars; IP & New Forms of Monopoly. You’ll find some illustrative reading recommendations within each of them.

Resources on Platforms, Superstar Firms, and IP, and conversations with Amy Kapczynski and Dieter Plehwe

Users, Consumers, Platforms

IP & New Forms of Monopoly

The New Superstars

Dani Rodrik on choosing the right policy priorities

One of the legacies of the neoliberal era has been the suppression of any attempts to carry out active industrial policy. The market, with its magical price system, was supposed to take care of resource allocation; planning – and even softer but dirigiste attempts at steering the economy – were off the table. Yet, a number of recent challenges – the global pandemic, the need to fight climate change, and the rise of China – have forced policymakers to depart from the neoliberal consensus. But will such departures prove short-lived? Or do they signify some longer-term shift away from neoliberal dogmas? To explore these matters, we have grouped some of these debates into three groups: Post-Covid; Green Transition; China as Catalyst.

Resources on Post-Covid, Green Transition, and China, and a conversation with Dani Rodrik

Post-Covid

China as Catalyst

Green Transition

James Meadway on the movement out of neoliberal markets

Kristin Demetrious on plastic words and public relations

Ever since the Socialist Calculation Debate, which the neoliberals believe they have won, the price system has been celebrated as the only non-totalitarian way of organizing the economy. Its advantages were many, including, as per Hayek, its ability to allow for social coordination without requiring the centralized gathering of knowledge that is widely dispersed in society. Yet, some recent developments have weakened this nearly universal faith in the efficacy of the price system. First, the world of Big Data and tech platforms has convinced some that the digital economy, with all of its free goods and data-subsidized services, is actually corroding the price system. Second, the fight against climate change has forced some institutional investors to consider factors other than profit when deciding how to allocate their funds. Third, the pandemic and the recent energy crisis have rekindled debates about the “excess profits” accruing to some corporations and the need to establish price caps, at least on certain established commodities. All of these three debates – on Tech & Market Alternatives; ESGs and “Woke" Capitalism; and Reining in Profits & Prices – undermine the traditional neoliberal faith in the power of the price system.

Resources on Tech & the Market, ESGs, and Profits & Prices, and interviews with James Meadway and Kristin Demetrious

Tech & Market Alternatives

Reining in Profits & Prices

ESGs and “Woke" Capitalism

Herman Mark Schwartz on the hierarchy of the global political economy

Reijer Hendrikse on the many faces of illiberalism

Globalization has been one of the most prized achievements of the neoliberal transformation. Yet, many of its tenets look increasingly suspect, including to the global elites themselves. As the inhabitants of industrial heartlands leave, or vote for populist parties and candidates, even some ardent neoliberals are reconsidering the benefits of offshoring jobs to cheaper locations. The growing competition with China has also forced Global North policymakers to confront the question of technological sovereignty. If even a portion of the recent rhetoric about “Cold War 2.0” comes to be, the globalist consensus that has held neoliberalism together would rupture even further. We're tracking these debates across the following three areas: the Crisis of Globalist Common Sense; Populism & Its Effects; Tech Sovereignty & National Security. 

Resources on Populism, Tech Sovereignty, and the Crisis of Globalist Common Sense, and conversations with Herman Mark Schwartz and Reijer Hendrikse

Crisis of Globalist Common Sense

Tech Sovereignty & National Security

Populism & Its Effects

Benjamin Braun on the pillars of post-neoliberal finance

Central bank independence has been a cornerstone of neoliberal thinking, which insists that monetary policy has to be insulated from political imperatives. Many changes to this effect were, in fact, reflected in how central banks operated and thought of their public mission. Yet, this dogma look increasingly untenable today, thanks to a confluence of factors. Climate change has forced central banks to reconsider their mission and strategize about intervening in areas that, strictly speaking, are not about maintaining employment or preventing high inflation. A new generation of activists demanding greater attention to what they call “functional finance” – including those advocating Modern Monetary Theory – have also questioned the neoliberal stance on central banking. Besides, the growing complexity of financial markets – including the rise of shadow banking, CBDCs, and cryptocurrencies – has also led some who may have been previously sympathetic to the neoliberal argument to advocate for more robust and even activist central banks. We have grouped discussions about these issues into three topics: Climate Change as New Mandate; Rise of Functional Finance; Risks of Shadow Banking.

Resources on Climate Change as New Mandate, Functional Finance, and Shadow Banking, and a conversation with Benjamin Braun

Climate Change as New Mandate

Risks of Shadow Banking

Rise of Functional Finance

William Davies on the governing logics of neoliberalism – and what resistance looks like

Carolina Bandinelli on post-romantic love and the ambivalence of neoliberal subjectivity

Christina Scharff on postfeminism and how neoliberalism disempowers women

As Margaret Thatcher once argued, economics is the method, but the objective is to change the soul. Thus, it has traditionally been assumed that neoliberalism produced entrepreneurial and investment-prone subjects, many of whom also happened to take on debt along the way to their startup and portfolio utopias. Yet, this particular subjectivity seems to be under threat, as younger generations question the value of work; show reluctantance to indebt themselves; and, motivated to fight climate change, inspire frugal ways of living, often matched by their defense of the degrowth paradigm. But if work, investment, and concepts such as human capital lose their appeal, how would neoliberalism continue maintaining its own? Is a “degrowth” neoliberalism possible? Having surveyed some of these debates, we have clustered them into three related and partly overlapping areas: Beyond Work & Debt; Post-Neoliberal Citizenship; Climate Shifts.

Resources on Beyond Work & Debt, Post-Neoliberal Citizenship, and Climate Shifts, and interviews with William Davies, Carolina Bandinelli, and Christina Scharff

TheSyllabus

The Post-Neoliberal Moment

Recently, there's been much talk about the demise of neoliberalism. Some are contemplating the emergence of “post-neoliberalism," even if its conceptual and political contours remain blurry. For others, today's neoliberalism is a bit like Schrödinger's cat, simultaneously dead and alive.

For each subtopic, we have included pointers to some of the readings we found most stimulating. We are also conducting interviews with prominent voices in these debates, and will be updating the relevant sections accordingly.

Exhaustion of Competition

Activist Economic Policy

End of Price (Signals)

Globalization in Doubt

New Central Banking

New Subjectivities