Restructuring Hegemony in the Global Political Economy: The Rise of Transnational Neo-Liberalism in the 1980s

Restructuring Hegemony in the Global Political Economy: The Rise of Transnational Neo-Liberalism in the 1980s

Restructuring Hegemony in the Global Political Economy: The Rise of Transnational Neo-Liberalism in the 1980s

Restructuring Hegemony in the Global Political Economy: The Rise of Transnational Neo-Liberalism in the 1980s

Synopsis

Since the late 1970s, the spread of Neo-liberalism and the failure of socialist economies and systems in Eastern Europe have resulted in a practically unchallenged hegemony of international capital across the globe. Neo-liberalism is now the dominant ideology, legitimizing the privatisation of state-controlled economies and the substitution of the market for social provision and basic welfare.
In Restructuring Hegemony in the Global Political Economythe authors argue that this process began with the defeat of the New International Economic Order, the Euro-Communist ascendency in Western Europe, the overthrow of the Allende government in Chile, and culminated in the collapse of practical socialism. They assert that the victory of neo-liberalism is now so complete that its radical features have come to be accepted as the new normality.

Excerpt

Gradually over the past two decades, the critical study of international political economy has gained for itself a certain autonomy within the larger discipline of international relations. The efforts to understand the dynamics of change in the global economy since the early 1970s have put a number of specific theoretical issues in the limelight. These issues are not new issues: they are questions as old as the first systematic attempts to think about the development of social (i.e. economic, political and ideological) relations at the global level. They are new only in the sense that they reappeared in a historically-specific guise as components of the intellectual attempt to understand the implications of the transformation of the global political economy, the contours of which were first becoming visible after the first internationally-synchronized recession of 1966-7.

One of the most complex and challenging theoretical problems to emerge concerned the adequate conceptualization of the ‘internal-external’ dialectic. From different corners, the early 1970s produced theoretical approaches investigating the importance of the global character of capitalism for understanding the development within distinct countries: in Latin America a number of dependentistas took up this question (Cardoso, Frank, Furtado, Villammil); in Germany the group working on the Weltmarktbewegung des Kapitals (world market movement of capital) did the same (von Braunmühl, Busch, Neusüss), and in France people such as Palloix and Andreff analysed the internationalisation of capital and of the capitalist labour process. Eventually, the world-system theorists following the lead of Immanuel Wallerstein captured the discussion and pushed the argument to its extreme limit, by declaring the world economy to be the determinant instance.

The second problematic arising out of essentially the same attempt

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.