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🔵 Democratic Deficits: Liberalism, Neoliberalism, and Financialization

Politics

Liberalism, Judge explains, disavows the problem of distributive con­flict. When the postwar growth engine began to slow, finance—which appears to extend distributive shares without requiring taxation or redistribution—promised a way out of the resulting political impasse. Elected officials were not captured or co-opted: they willingly embraced financial solutions to their political problems. Finance, naturally, exacts a price, however: subjecting government to the financial imperative to produce monetary returns has precipitated the transformation of liberal­ism into what is now commonly known as “neoliberalism.” In essence, Judge reverses David Harvey’s dictum: instead of “Neoliberalism entails the financialization of everything,” he arrives at “financialization entails the neoliberalization of everything...

American Affairs     Nov 20, 2024