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7 - Global Neoliberalism and the Possibility of Transnational State Structures

Published online by Cambridge University Press:  05 June 2012

By
Emlyn Nardone  and
Terrence McDonough
Edited by
Terrence McDonough ,
Michael Reich  and
David M. Kotz
Emlyn Nardone
Affiliation:
Department of Economics, National University of Ireland, Galway
Terrence McDonough
Affiliation:
Department of Economics, National University of Ireland, Galway
Terrence McDonough
Affiliation:
National University of Ireland, Galway
Michael Reich
Affiliation:
University of California, Berkeley
David M. Kotz
Affiliation:
University of Massachusetts, Amherst
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Summary

In Chapter 4, David Kotz and one of the present authors argue that the resolution of the crisis of the1970s and early 1980s involved the construction of a new social structure of accumulation (SSA). This new SSA is best characterized as one of global neoliberalism. Kotz and McDonough argue that neoliberalism in this period constituted a multileveled phenomenon that included neoliberal institutions, neoliberal policies, neoliberal theories, and neoliberal ideology. Among neoliberal policies, the aggressive attempt to remove any barriers to the free movement of goods and capital across borders was especially prominent. This provides one of the many links between neoliberalism and globalization. Neoliberalism promoted globalization, and globalization in a dialectical fashion was also at the root of support by capital for the new neoliberal orientation. Increasing international competition undermined profitability. Capital began to pursue a program of deregulation and capital flight as a means to recover profitability. Further, the resultant globalization of production weakened labor and strengthened capital's ability to effectively pursue its newly preferred strategy.

Transformations at the level of the state must be counted among the prominent institutions of this global neoliberalism. Indeed the contemporary changes in domestic state structures and policy have attracted a great deal of analysis. Globalization is easily identified as an influence on these changes. International “competitiveness” has become the stated rationale for government policy in all areas of social life.

Type
Chapter
Information
Contemporary Capitalism and its Crises
Social Structure of Accumulation Theory for the 21st Century
 , pp. 168 - 192
Publisher: Cambridge University Press
Print publication year: 2010

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