Friday, March 8, 2013

David Fields — Neoliberal Theory of Society

Neoliberalism propels governments to adopt policies aimed at maintaining credibility in financial markets for the attraction and retainment of short-term capital. The recipe for disaster is fiscal restraint, tight monetary policy, and the protection of high interest rates to prevent inflationary pressures from undermining the value of real return on financial assets. Macroeconomic policy is supposed to be designed in such a way that the interests of those who own financial assets (wealthy households) are prioritized over those who are forced to sell their labor power for sustenance. As a result, the trigger threat of capital fight significantly limits the space for attention to social welfare to be embedded.
Short translation: Neoliberalism seeks to maximize return on capital in order to grow the capital stock and it seeks to do this by suppressing wages and social benefits and protections.

Naked Keynesianism
Neoliberal Theory of Society
David Fields | University of Utah, Sociology and Economics, PhD Candidate

2 comments:

David said...

Neoliberalism seeks to maximize return on capital in order to grow the capital stock and it seek to do this by suppressing wages and social benefits and protections.

Thanks for the translation. Too bad the writing of most social scientists requires it...

Anonymous said...

"There is no such thing as society."
-- Margaret Thatcher

"Jeder für sich und Gott gegen alles."
(Every man for himself and God against all.)
-- Werner Herzog