Saturday, October 13, 2012

The neoliberal ascendancy


It is obviously impossible to fully explain the rise of the neoliberal economic orthodoxy in a single flow diagram. I admit that I have simplified the situation somewhat in order to make the diagram fairly concise and accessible, but I believe that what the flow diagram demonstrates is still an essentially accurate portrayal of the neoliberal ascendancy.

Here are a few links to provide further details and supporting evidence.


What is neoliberalism?
A basic definition of neoliberalism.

What is a justification narrative?
Describes the propaganda technique of presenting simplistic justification narratives for distribution by the mainstream media.

The Great Neoliberal Lie
Description of the Great Neoliberal Lie; (which is that the global economic crisis was caused by excessive government spending rather than reckless gambling in the dangerously deregulated financial industry).

The golden hammer of neoliberalism
Describes the fallacious reasoning that allows orthodox neoliberals to present neoliberalism as the cure to a crisis caused by neoliberalisation.

More riches for the rich, recession for the rest
Evidence from the UK economy that under "austerity" the majority are getting poorer whilst the economic establishment are continuing to get significantly wealthier.

Eurozone austerity: Neoliberalism rebranded 
Article examining how "austerity measures" in Eurozone countries like Greece, Spain, Italy, Portugal and Ireland bear striking similarities to orthodox neoliberalism.


For anyone that would like to read even more about the rise of neoliberal economics I would recommend these books:
Ha-Joon Chang - "Bad Samaritans"
Naomi Klein - "The Shock Doctrine"
Charles Ferguson - "Inside Job"

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