In his lectures on neoliberalism, Michel Foucault argues that neoliberalism produces subjects as ‘entrepreneurs of themselves’. He bases this claim on Gary Becker’s conception of the utility-maximizing agent who solely acts upon cost/benefit-calculations. Not all neoliberalized subjects, however, are encouraged to maximize their utility through mere calculation. This article argues that Foucault’s description of neoliberal subjectivity obscures a non-calculative, more audacious side to neoliberal subjectivity. Precarious workers in the creative industries, for example, are encouraged not merely to rationally manage their (...) human capital, but also to take a leap of faith to acquire unpredictable successes. It is this latter risk-loving, extra-calculative side to neoliberal subjectivity that economists usually designate as ‘entrepreneurial’. By confronting Foucault with the theories of entrepreneurship of the Austrian School of Economics, Frank Knight, and Joseph Schumpeter, the Foucauldian analytical framework is enriched. Neoliberal subjectivation is not the monolithic promotion of utility-maximizing agents, but the generation of a multiplicity of modes for entrepreneurs to relate to oneself and the market. (shrink)

Friedrich Hayek’s defense of neoliberal free market capitalism hinges on the distinction between economies and catallaxies. The former are orders instituted via planning, whereas the latter are spontaneous competitive orders resulting from human action without human design. I argue that this distinction is based on an incomplete semantic history of “economy.” By looking at the meaning of “oikonomia” in medieval providential theology as explained by Giorgio Agamben and Joseph Vogl, I argue how Hayek’s science of catallactics is itself a secularization (...) of providential theology. This exposes Hayek to three criticisms: he unjustifiably neglects the possibility of tendencies toward spontaneous disorder in free markets, he condemns the “losers” of neoliberal competition to being providential waste on the road to general prosperity, and he imposes on people the duty to consent to a neoliberal order that hinders them from cultivating their inoperativity. (shrink)

Although Foucault’s 1979 lectures on The Birth of Biopolitics promised to treat the theme of biopolitics, the course deals at length with neoliberalism while mentioning biopolitics hardly at all. Some scholars account for this elision by claiming that Foucault sympathized with neoliberalism; I argue on the contrary that Foucault develops a penetrating critique of the neoliberal claim to preserve individual liberty. Following Foucault, I show that the Chicago economist Gary Becker exemplifies what Foucault describes elsewhere as biopolitics: a form of (...) power applied to the behavior of a population through the normalizing use of statistics. Although Becker’s preference for indirect intervention might seem to preserve the independence of individuals, under biopolitics individual liberty is itself the means by which populations are governed indirectly. In my view, by describing the history and ambivalence of neoliberal biopolitics, Foucault fosters a critical vigilance that is the precondition for creative political resistance. (shrink)

This paper draws attention to Foucault’s genealogy of critique. In a series of inquiries, Foucault traced the origins and trajectories of critical practices from the ancient tradition of parrhesia to the enlightenment and the (neo)liberal critique of the state. The paper will elucidate the insights of this history and argue that Foucault’s turn to the genealogy of critique also changed the valence of his theoretical assumptions. Foucault developed a more affirmative practice of genealogy that not only discredits truth claims by (...) tracing them back to their inglorious origins. Rather, he presents a politics of truth as a complex interaction of (governmental) power-knowledge and critique that questions the power effects of truth and rationality. This genealogy of critique contributes to current problematizations of critique by thinkers like Boltanski, Latour and Rancière in highlighting the role of epistemological and technical critique of social rationalization and political reason. (shrink)

This article adds to contemporary analyses of neoliberalism by shedding light on its psychic life. Writers in the Foucauldian tradition have explored how subjectivities are reconstituted under neoliberalism, showing that the neoliberal self is an entrepreneurial subject. Yet, there has been little empirical research that explores entrepreneurial subjectivity and, more specifically, its psychic life. By drawing on over 60 in-depth interviews with individuals who may be entrepreneurial subjects par excellence, this article adds to our understanding of how neoliberalism is lived (...) out. The article is divided into 10 sections, with each section exploring a distinct contour of entrepreneurial subjectivity. They show, for example, that competition is not only other-directed under neoliberalism, but also directed at the self, and that exclusionary processes lie at the heart of the constitution of entrepreneurial subjectivities. By providing a theoretically informed analysis of a wealth of empirical data, the article makes an original contribution to our understanding of the psychic life of neoliberalism. (shrink)

Over the past 70 years, the sociological and economic study of economic abundance has been side-lined in comparison to the study of economic scarcity. This article calls for a revitalization of the study of abundance through a focus on the writing of Georges Bataille. I point out a number of parallels between Bataille and the work of two economists who are rarely associated with Bataille: John Maynard Keynes and Yanis Varoufakis. My argument is two-fold. Firstly, I argue that Bataille, Keynes (...) and Varoufakis make remarkably similar and under-examined points about the need for sovereign nations to deliberately restrict their own trade surpluses. Secondly, drawing on the anthropologist Marcel Mauss’s writing on sovereign debt forgiveness, I raise new insights about the compatibility of Keynes, Bataille and Mauss’s work. In conclusion, I argue that rejuvenating the study of economic abundance will help to better theorize the limits of mainstream economic thought and the political structures it supports. (shrink)

Since the foundation of the Santa Fe Institute, the new science of complex adaptive systems has seen extraordinary development, breaking with previous, more epistemological, trends in complexity theory. This article makes a critique of CAS as a model of the current global complexity. Its basic model, the cellular automaton, which focuses on the interactive dynamics among components, ignores the nature of any complex system as constructed by the observer/actor and is unable to explain the sociohistorical construction of the agents/subjects and (...) the social structure in which they are located, thus being unable to accurately represent the overall social complexity. (shrink)

This article sets out the contours of a Marxist hermeneutic approach to political economy. It begins by outlining how such a critique of political economy would function, with a particular emphasis...

Neoliberalism, in various ways, is radically new. It is nevertheless constructed from the conditions of liberal modernity, the inadequacies of which are crucial to neoliberal success. Liberalism in practice restricts moral agency through an impoverished, structurally-reinforced conception of practical reasoning, as Alasdair MacIntyre argues, and this is important to understanding neoliberal durability. This article argues that a bureaucratic culture that fails to evaluate or critically question the ends it pursues is both symptomatic of liberal inadequacies and a key factor in (...) neoliberal success. Beyond its purely explanatory power, there is a political relevance to MacIntyre’s Aristotelian-inspired politics of local community. It is from those practices and communal movements that embody alternative conceptions of the good, that those interested in resisting neoliberalism can learn how it becomes possible to successfully challenge aspects of the contemporary social order. (shrink)

This article expands Michel Foucault's genealogy of liberalism and neoliberalism by analysing the concept of competition. It addresses four key liberal conceptions of competition in turn: the idea of competition as a destructive but progressive and thus necessary force (roughly 1830–90); economic theories of market equilibrium that theorize competition mathematically (1870 onwards); socio-biological ideas of competition as something natural (1850–1900); and sociological arguments that see competition as adding value to the social (1900–20). From this starting point, the article considers the (...) ways in which three main trajectories of neoliberal thought that emerged from the early 1920s onwards – Austrian, German and American – developed and responded to these conceptualizations of competition. In conclusion, it is argued that this history of the concept of competition leads to a new understanding of the tensions that lie at the heart of neoliberal thought, and which are largely missing from Foucault's account. (shrink)

This paper argues that Michel Foucault’s lectures that form The Birth of Biopolitics owe a considerable debt to the thought of Max Weber, particularly in their analysis of how different socio-legal regimes shape distinctive national forms of capitalist economies, and the role that is played by social and economic institutions in the shaping of individual identities. This is in contrast to a common interpretation of Foucault’s account of neoliberalism, which synthesizes his work into neo-Marxist notions of hegemony and capitalist domination. (...) It also identifies Foucault’s approach to neoliberalism as an exploratory one, which considers insights into how a particular relationship between ideas and institutional practices may help in imagining socialist forms of government practice. (shrink)