Constructions of Neoliberal Reason

Abstract Amongst intellectuals and activists, neoliberalism has become a potent signifier for the kind of free-market thinking that has dominated politics for the past three decades. Forever associated with the conviction politics of Ronald Reagan and Margaret Thatcher, the free-market project has since become synonymous with the ‘Washington Consensus’ on international development policy and the phenomenon of corporate globalization, where it has come to mean privatization, deregulation, and the opening up of new markets. But beyond its utility as a protest slogan as a shorthand signifier for the political-economic Zeitgeist, what do we know about where neoliberalism came from and how it spread? Who are the neoliberals, and why do they studiously avoid the label? This book presents a radical critique of the free-market project, from its origins in the first half of the 20th century through to its near-death experience in the recent global economic crisis, from the utopian dreams of Friedrich von Hayek, through the dogmatic theories of Milton Friedman and the Chicago School, to the hope and hubris of Obamanomics. The book traces how neoliberalism went from crank science to common sense in the period between the Great Depression and the age of Obama. It is an exploration of the antisocial life of the free-market project, examined in its cradles of invention and in its zones of extension and contestation. In the process, the book elaborates (and puts to work) an understanding of neoliberalism as an adaptive, unevenly developed regulatory project.