This paper assesses the current world economic crisis in terms of crucial transformations in global capitalism throughout the neoliberal period. It argues that intense social and spatial restructuring after the crises of 1973–82 produced a new wave of capitalist expansion that began to exhaust itself in the late-1990s. Since that time, new problems of overaccumulation and declining profitability have plagued global capitalism. Interconnected with these problems are contradictions related to a mutation in the form of world-money, as a result of (...) its complete de-linking from gold after 1971, which stimulated a fantastic growth in financial instruments and transactions, and generated a proliferation of esoteric 'fictitious capitals' whose collapse is wreaking havoc across world financial markets. The intersection between general conditions of overaccumulation and a crisis in financial structures specific to neoliberalism has now produced a deep world-slump. Inherent in this crisis is a breakdown in forms of value-measurement that is throwing up intense struggles between the capitalist value-form and popular life-values, the latter of which comprise the grounds for any real renewal of the socialist Left. (shrink)

The current crisis is one outcome of the financialisation of contemporary capitalism. It arose in the USA because of the enormous expansion of mortgage-lending, including to the poorest layers of the working class. It became general because of the trading of debt by financial institutions. These phenomena are integral to financialisation. During the last three decades, large enterprises have turned to open markets to obtain finance, forcing banks to seek alternative sources of profit. One avenue has been provision of financial (...) services to individual workers. This trend has been facilitated by the retreat of public provision from housing, pensions, education, and so on. A further avenue has been to adopt investment-banking practices in open financial markets. The extraction of financial profits directly out of personal income constitutes financial expropriation. Combined with investment-banking, it has catalysed the current gigantic crisis. More broadly, financialisation has sustained the emergence of new layers of rentiers, defined primarily through their relation to the financial system rather than ownership of loanable capital. Finally, financialisation has posed important questions regarding finance-capital and imperialism. (shrink)

This paper revisits an old question that neither I nor anyone has been able to answer very well, namely, why is it that nineteenth century composers, who had fairly easy access to nonwestern musics in notation, rarely quoted them? But by the early twentieth century, such quotations became quite common. This article argues that the rise of finance capital, as theorized by Rudolf Hilferding in the early twentieth century, marked the ascendance of exchange value over use value. As a rise (...) of the ideologies accompanying finance capital, composers, and everyone else, began to regard other musics, other sounds—other objects—as something that could be exchanged. This process is exceptionally clear in works by Igor Stravinsky such as Le Sacre du printemps, which, while drawing on nineteenth century nationalistic impulses, also shows a relationship to other musics, appropriated as raw material. The new ideology of exchangeability introduced by the rise of finance capital continued through musique concrète in the 1940s and into the rise of digital sampling in the 1980s and after. (shrink)

In recent years, the concept of debility has gained a lot of attention. In critical theory and in the critical medical humanities, the concept has come to refer specifically to the general ill-health of ordinary lives under neoliberal capitalism; as such, it has triggered a surge of interest in large-scale affective assemblages that incapacitate multitudes of bodies. This article proposes _neoliberal misfit_ as a conceptual tool to remedy the dissolution of subjectivity in these discussions. Pushing back against Jasbir Puar specifically, (...) it argues that processes of debilitation produce a particular type of subject formation often ignored in this body of work. The article does so by distinguishing this subject formation in three contemporary illness narratives that dramatize encounters between ill bodies and accelerating rhythms, competitive atmospheres, and mobile attachments, respectively. Ultimately, the aim is to help the critical medical humanities capture how neoliberal environments affect the self-perception of people suffering from ill-health. (shrink)

This article explores left critiques of neoliberalism in light of the Black Lives Matter movement’s recourse to the notion of ‘racial capitalism’ in their analyses of anti-Black oppression. Taking a cue from BLM, I argue for a critical theory of racial capitalism that historicizes neoliberalism within a longue durée framework, surfacing racialized continuities in capitalism’s violence. I begin by revealing how neo-Marxist and neo-Foucaultian approaches to neoliberalism, particularly that of David Harvey and Wendy Brown, respectively, partition race from the workings (...) of contemporary capitalism. Such analyses obscure neoliberalism’s differential impact on non-white racialized populations, while simultaneously casting anti-racist struggles as divisive. In contrast, I then trace how the Movement for Black Lives policy platform invokes Cedric Robinson’s work on racial capitalism, investigating the utility of this framework for the movement’s demands. Building on BLM’s turn to the concept of racial capitalism, I finally offer an outline of a critical theory of racial capitalism to better theorize neoliberalism. By historicizing neoliberalism within racial capitalism’s historical arc, such a theory unravels the qualitatively different mechanisms through which racialized populations are pressed into circuits of capital accumulation. It also paves the way to move past the entrenched class-versus-identity debate on the American left. (shrink)

Whilst the Neoliberal alludes to an array of very real material practices and axioms of contemporary capitalism, the concept of Neoliberalism itself has arguably become moribund. Worse, perhaps it has become an asphyxiating and enervating monolith, a ‘ptolemization’ from which our critical thinking cannot escape. The key strategy of the article is to explore the Neoliberalism concept as a ‘mode of telling’, and how the constitutive moments of that concept have been discursively constructed into a hegemonic discursive formation. Whilst the (...) resultant paradigm of Neoliberalism has ironically been constituted out of the identity-thinking and the synthetic historicizing of its very critics, the article searches for alternative avenues of reconstitutive deconstruction, so as to offer both critical optimism and a more effective means of struggle against the material practices of contemporary capitalism. To this end, I shall indicate how overdetermination in conceptualization provides the opportunity to break down identity-thinking and how articulation can translate the material elements of contemporary capitalism into fresh moments of a counter-hegemonic discourse. (shrink)

Contemporary theorizations of neoliberalism are framed by a false dichotomy between, on the one hand, studies influenced by Foucault in emphasizing neoliberalism as a form of governmentality, and on the other hand, inquiries influenced by Marx in foregrounding neoliberalism as a hegemonic ideology. This article seeks to shine some light on this division in an effort to open up new debates and recast existing ones in such a way that might lead to more flexible understandings of neoliberalism as a discourse. (...) A discourse approach moves theorizations forward by recognizing neoliberalism is neither a ‘top-down’ nor ‘bottom-up’ phenomena, but rather a circuitous process of socio-spatial transformation. (shrink)

The ontological and analytical status of Marxian social theory has been a matter of fierce controversy since Marx’s death, both within and without Marxist circles. A particular source of contention has been over whether Marxism should be construed as an objective science of the capitalist mode of production or as an ethico-philosophical critique of bourgeois society. This is paralleled by the dispute over whether Marxism ought to be considered a humanism or a structuralism. This article addresses both sides of this (...) debate. The argument is that, rather than Marx’s own social thought being split into incompatible poles, giving rise to ‘two Marxisms’, it forms a coherent unity. Marx’s social theory is neither humanist philosophy, nor structural science, but is in fact realist science, which synthesizes these apparent antinomies, and thereby transcends both. (shrink)

In recent years, a series of key social, political and economic events has placed the critique of capitalism very much on the theoretical agenda. Responding to these developments, many have begun to express the need for a rapprochement between social criticism and the critique of political economy. The present essay represents a contribution to the recovery of the project that was once synonymous with critical theory itself via a critical engagement with the early writings of Jürgen Habermas. Not only is (...) Habermas’ explicit engagement with the critique of political economy among the most substantial to be found within the mainstream tradition of critical theory, his early social-theoretical insights into the emergent ‘primacy of the political’ in late capitalism can be taken as representative of a number of broader trends in late-20th-century thought which sought to go beyond the premises and categories of Marx’s economic works. Simply put, no reappraisal of the relationship between critical theory and the critique of political economy can succeed, I submit, without taking seriously Habermas’s path-breaking and wide-ranging innovations. (shrink)

In this article the author traces the limits of the philosophy and politics of recognition as manifest in colonial settler contexts. Forms of property ownership and ways of being, sutured by the racial body, are contained by a restricted economy of owning, knowing and being. Bringing the concept of plasticity to bear on the relationship between the body, property and the colonial, the author illuminates the ways in which practices of ownership that exceed the restricted economy of recognition exhibit a (...) temporal and spatial plasticity in the context of the Palestinian struggles over land in the West Bank. (shrink)

Critical legal scholarship has recently turned to consider the form, mode and role of law in neoliberal governance. A central theme guiding much of this literature is the importance of understanding neoliberalism as not only a political or economic phenomenon, but also an inherently juridical one. This article builds on these conceptualisations of neoliberalism in turning to explore the wider historical, cultural and sociological contexts which inform the production of neoliberal authority. The papers in this collection were first presented at (...) the symposium ‘Forms of authority beyond the neoliberal state’, held at the Griffith Law School in December 2017. They consider the role of the corporation, the site of the university, the politics of debt, the genre of prestige television, and the archic sources of state violence, in order to imagine forms of authority which lie beyond neoliberalism as an ideology and a set of practices, and the ensemble of institutions which constitute the neoliberal state. The contributions draw on social theory, philosophy, cultural studies, legal geography and political theology in exploring new possibilities for cultivating judgement through and beyond the sovereign, political and aesthetic terrains of neoliberal governance. (shrink)

My paper argues that Luc Boltanski’s pragmatic sociology makes an important contribution to two central concerns of critical theory: the empirical analysis of the contradictions and conflicts of capitalist societies and the reflexive clarification of the epistemological and normative grounds of critique. I show how Boltanski’s assessment of the limitations of Bourdieu’s critical sociology significantly influenced his pragmatic sociology of critique and explication of the political philosophies present in actors’ practices of dispute and justification. Although pragmatism has revealed how social (...) life involves considerable uncertainty, Boltanski contends that critique needs to take into account how institutions generate semantic security, as well as symbolic violence. Boltanski’s endeavour to reformulate critique is compared with influential alternative conceptions, notably those of Habermas, Castoriadis, and Honneth. Despite its potential deficiencies and weaknesses, Boltanski’s reformulation of critique is found to be of considerable theoretical significance. In particular, Boltanski’s analysis of the role critique has played in the reorganization of capitalism can be extended, and his work is suggestive of how some of the intentions of critical theory can be pursued in new ways. (shrink)

The article considers the research developed by the UniNomade project concerning the global financial crisis within the theoretical framework of Italian ‘workerism’ and post-workerist theory. On the whole, the UniNomade project offers a rich variety of stimuli to debate. However, in the work of UniNomade, there are some problematic elements, particularly when the authors invoke a series of ‘excesses’ in ‘cognitive capitalism’. This review-article argues that the old post-workerist thesis of an obsolescence of the law of value introduces into UniNomade’s (...) work an ambiguous determinism. (shrink)

Over three decades after China ventured onto the market path, the Chinese state’s reform programme, which was intended to invigorate socialism, has instead led the country down a capitalist path. This paper situates China’s post-Mao transition in the context of the crisis of the party-state during the Cultural Revolution. Using Gramsci’s idea of ‘passive revolution’, it examines the state’s tactics of crisis management aiming to contain and neutralise emergent opposition and pressure from below. As the combined result of state repression, (...) ideological appropriation and socioeconomic incorporation, a new reform paradigm emerged to rearticulate popular demands and initiatives to an official socialism centring on economic modernisation and market liberalisation. (shrink)

Despite experiencing an early and protracted neoliberal transformation, France has exhibited an acutely ambiguous stance towards neoliberal practice. This is illustrated by, for example, regular nationwide protests opposed to policies with an overtly neoliberal flavour, or the coexistence of heavy taxation and a profound financialisation of its economy. This article seeks to explain why neoliberalism successfully developed in France, despite such an ambiguity. The focus will be placed on the transformation of labour relations, which will reveal the important role played (...) by both the technocratic elite and firm-level negotiations in legitimating neoliberal practice. It will be argued that while several relevant sociological explanations offer some valuable insights for making sense of neoliberalism’s successful development in France, Antonio Gramsci’s concept of ‘passive revolution’ provides a very fruitful basis upon which to capture the singularity of the French case. (shrink)

Constellations, Volume 29, Issue 3, Page 375-392, September 2022.

This article discusses Axel Honneth’s recent theory of recognition, as exposed in his book Freedom’s Right (2001). The argument defended here is that Honneth’s approach does not apprehend the normative implications of political conflicts, for it relies on what some critics have called normative history. Against that approach, this paper defends a model of social theory that is not committed to normative presuppositions of analysis. Rather, it seeks to understand how political struggles strive for normative authority. As an illustration of (...) forms of recognition that are alternative to the ones Honneth calls normative, the paper builds on an example from Brazilian society. (shrink)