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The Neoliberal Paradox

Ray Kiely

This ambitious work provides a history and critique of neoliberalism, both as a body of ideas and as a political practice. It is an original and compelling contribution to the neoliberalism debate.
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Chapter 10: Actually existing neoliberalism II: bureaucracy, corporate rule and the asset economy

Ray Kiely

Extract

This chapter looks further at the new spirit of capitalism discussed in the last chapter, with a greater emphasis on the dark side of actually existing neoliberalism. It does so first by examining the question of entrepreneurship and freedom, and in particular contrasts this with the reality of increased bureaucracy, particularly in the public sector. This argument is developed further in the second section through a consideration of the increased domination of politics by economics. This section examines what some have called the corporate takeover of the state, and does so through examining the ‘shadow state’ and subcontracting, corporate lobbying and tax avoidance. The third section then re-examines the issue of debt and financialisation, and considers the continued importance, post-2008, of the debt and asset economy, not least for understanding neoliberal renewal.

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