Rise of Neoliberalism in Advanced Capitalist Economies

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.