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)

ABSTRACTThis paper is premised on the call to re-orientate marketing as a contributing social science. It gathers together criticisms of marketing research which identify inconsistencies that prevent our progress. It posits that we are driven to reproduce these inconsistencies because of a closed-system of practice and because of the generative absence of an effective, reflexive and integrative metatheoretical structure. In response to these problems, the paper aims to offer an integrative metatheoretical structure from which to ground our research and intervene (...) in the identified inconsistencies. The paper therefore offers a perspective on the constitution of the world, before addressing the terms and conditions on which the world is to be researched and explained. This conceptual contribution employs tools developed in the critical realist philosophy of social science to address: instances of absence within marketing research; and how these instances are generated and reproduced. It then suggests how these absences can be rectified. (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)

While, as Marx argued, periods of expanded accumulation present the best conditions for increasing working-class living standards, the expansion that began in 1982 was based in large part on the rapidfallin the value of labour-power in the US. This recovery and rapid rise in the rate of surplus-value in the US was enabled by the collapse of union-resistance beginning in 1979 and the strategic choices made by union-leaders across the economy from that time on. The expansion was sustained in the (...) 1980s by dramatic work-reorganisation, enabled by the embrace of labour-management cooperation-schemes by much of the trade-union leadership, and the restructuring of several major industries that undermined the industry-wide bargaining on which rising postwar incomes had been based. Productivity, boosted by lean production-methods, would continue to outstrip real wages up until the ‘Great Recession’ of 2008 and resume again in the wake of a weak recovery in the US. The rapid geographic expansion of capital after 1990 provided new investment-possibilities, as did the explosion of financial instruments. What stands out, however, is that rising productivity, far from providing the basis for increases in working-class income, had become coupled with flat or declining real wages and a fall in the value of labour-power as the necessary condition to sustain almost any level of growth in the real economy. The link between productivity and wage-increases, central to Keynesian and institutional collective-bargaining theory, had been broken and Marx’s idea of the most favourable conditions stood on its head. The breaking of this link had, in the final analysis, been an outcome of class-struggle in which capital had the upper hand. All of this underlines the failed strategies and practices of most of the trade-union leadership in the US since 1979. New approaches to the workplace and broader forms of mobilisation will be needed. Signs of worker-resistance to the latest neoliberal clampdowns in Latin America, Europe, China, and even the US, however, may point to a renewed era of intensified class-struggle. (shrink)

Financial derivatives have been singled out as the major villain in the latest crisis, particularly through speculative trading by banks. Yet little attention has been paid to the fundamental rôle that derivatives play in modern capitalism. Even less has there been a focus on how the boom in derivatives-trading was prompted by the crisis of profitability and capital-accumulation. This article shows that while derivatives were one means by which speculation took off, the momentum behind this was driven by low profitability. (...) That was why banks turned their mortgage-loans into derivative-driven securities, why pension-funds placed bets on commodity-futures and why countries such as Greece used derivatives to hide the real state of their finances. Derivatives helped determine the form and magnitude of the crisis, but were not its underlying cause. Proposed reforms of the derivatives-market ignore the fundamental determinants of the financial crisis, assuming it to be a failure of regulation. (shrink)

This article considers the status and meaning of the category of value in the wake of the financial crisis that began in 2007. I argue that value is best understood as a form of social wealth constituted by a spatially and temporally generalising social relation of equivalence and substitutability under, and specific to, capitalism ‐ and that a categorial focus shows that despite massive ‘devaluations’, the value-relation is not itself in crisis. On the contrary, it is running at near full (...) capacity, erasing the difference between ‘financial’ and ‘real’ capitals, values, and assets. Consequently, attempts to understand the crisis that rely on material distinctions between ‘real’ and ‘fictitious’ values and capitals overstate the extent and depth of the crisis for capital, and underestimate the virtually uninterrupted consolidation of the rule of the value, i.e. the territorial and historical imperative of equivalence and substitutability. (shrink)

The issue of the relation between financial derivatives, money and crisis remains one of on-going debate within Marxism. This paper takes issue with a recent contribution to this debate by Tony Norfield. We contend that the relationship between financial derivatives and the concept of ‘money’ needs to be framed in the context of a changing understanding of liquidity, and that issues of crisis and renewed accumulation are better understood though this path than via debates about speculative versus real investment and (...) productive versus unproductive capital. Indeed these latter taxonomies are being superseded by current developments within finance, and Marxian analysis needs to be attuned to these current developments. (shrink)