Neoliberalism, Polanyi’s protective response, and Veblenian waste

As capitalism unfolds, continual technological advance in combination with the relentless accumulation imperative serves to amplify material progress. The expanding economic sphere begins to pervade the everyday lives and thinking of the individual. The institutionalization of the market fundamentally changes the structure of society and in so doing, fundamentally changes the institutional structure through which individuals are socialized. The social dislocation generated therein, prompts Polanyi’s protective response. Despite this market intensification, the existence of the economic surplus undermines the syllogistics of market determined pricing. Evidence of the economic surplus and Veblenian waste and furthermore, that the competitive law of value is not operable under neoliberalism is found in the lobby industry and campaign contributions. This research seeks to connect explicitly the concepts of Polanyi’s protective response with Veblenian waste and the economic surplus in order to better understand how the irrational system of neoliberalism continues to evolve

The Social Ontology of Fear and Neoliberalism

Fear is a primal instinct; it is a survival mechanism the evolution of which allowed the early humans, indeed all species to adapt, evolve, and survive. When humans moved into settled communities with more advanced means of production, the nature of fear-much like the nature of social relationships-changed. Once the means of social reproduction were secured, fear became less necessary as a survival instinct and more useful as a heuristic device. Fear evolved. Fear cannot be characterized solely as a socially constructed phenomenon, nor as the instinctual response to personally felt traumas. The growth and nature of fear must be studied as a process that develops under its own inertia, feeding off its antecedent past, and as a phenomenon that is shaped by and in turn shapes its institutional setting. Fear should be understood as both structurally determined and socially transformative. This research seeks to examine the ontology of fear, specifically as it relates to neoliberalism. © 2014 © 2014 The Association for Social Economics

Agency and neoliberalism

© The Author 2014. The intensification of neoliberalism requires institutions and mental models that are not only complementary, but also interactively reinforcing. Since an individual's agency is the product of her mental models, it stands to reason that agency within neoliberalism must bear certain ethnographic markers necessary to sustain the system. The argument set forth is that agency within the specific context of neoliberalism requires tailored cultural mechanisms and artefacts to construct and support a self-referential yet non-authentic agency

Envy in neoliberalism: Revisiting Veblen's emulation and invidious distinction

© 2015, Journal of Economic Issues / Association for Evolutionary Economics. Cautionary tales admonishing against the evils of envy crowd religion and folklore across cultures. Pre-capitalist societies attempted to suppress envy, and familial and community relations held the emotion of envy in check through social sanctions. Capitalism, however, encourages envy. The connection between capitalism and envy is not new. Thorstein Veblen (2007) methodically addressed it in his explanation of invidious distinction and emulation. As capitalism has evolved into its present incarnation of neoliberalism, however, envy has also evolved. The evolution, nature, and role of envy within neoliberalism must be studied in order to understand more fully its consequences. This research seeks to examine the social ontology of envy. According to advocates of neoliberalism, inequality serves an important social function: It is the great motivator, without which individuals would not have incentives to improve. Inequality and - by extension - envy are thus heralded as the prime catalysts of economic activity

Immanent Critique, Enabling Myths, and the Neoliberal Narrative

© 2015, © 2015 Union for Radical Political Economics. This research aims to untangle and critically assess the core enabling myths of neoliberalism. The first step is to outline in brief the method of immanent critique, how it works, as well as its advantages and possible limits. The next step is to use immanent critique to strip the neoliberal narrative to its core, organizing myths: the myths of privatization, deregulation, and retrenchment of the welfare state

On Veblenian waste and Polanyian protective responses: Evidence from the US

As capitalism unfolds, continual technological advance in combination with the relentless accumulation imperative serves to amplify material progress. The institutionalization of the market fundamentally changes the structure of society and the institutional structure through which individuals are socialized; the socialization process becomes increasingly accommodating to the intensifying marketplace. The social dislocation generated by the intensification of the market, prompts Polanyi’s protective response. Despite this intensification of the market setting, the existence of the economic surplus fund undermines the syllogistics of market determined pricing. Evidence of the economic surplus and that the competitive law of value is not operable within monopoly capitalism is found in the thriving lobby industry and generous campaign contributions. This research seeks to connect explicitly the concepts of Polanyi’s protective response with Veblenian waste and the economic surplus in order to better understand how the irrational system of neoliberalism continues to evolve

Care and the Neoliberal Individual

© 2017, Journal of Economic Issues / Association for Evolutionary Economics. Abstract: This article explores two conflicting ethical systems: neoliberalism and institutionalism. Neoliberalism’s foundations support an overarching ethic of individual autonomy and individual responsibility. Institutionalism contrasts this conception with a view of human beings as relational. The ethical foundation of such a view requires a meta-ethic of interpersonal responsibility that supports an ethic of care

Selling salvation, selling success: Neoliberalism and the US Prosperity Gospel

Neoliberalism relies on optimism. Without faith in meritocracy-unwavering belief that rewards will eventually and justly come to those who work hard enough-support for the capitalist system and belief in neoliberalism would unravel. How that optimism is perpetuated in the face of persistent income inequality and exploitation within the workplace requires an examination of those cultural institutions which reinforce and reproduce optimism over practical experience. This research focuses on one particular religious institution of the USA-the Prosperity Gospel. The Prosperity Gospel is a modern, neoliberal variation of Pentecostalism that is premised on the belief that a Biblical covenant between the individual believer and God guarantees that believer blessings of health and wealth, provided she demonstrates adequate faith. Accordingly, for those who are less adept at navigating the business world, financial success is still available for those believers who can dedicate themselves with the same frenzied ambition to the spiritual world. The Prosperity Gospel thus supports and sustains neoliberalism; the Prosperity Gospel is an institution which provides refuge to individuals from the exigencies of the market as well as a social practice which reinforces individual responsibility and fault. The Prosperity Gospel is the spiritual articulation of neoliberalism as well as a reinforcing institution

Consecrating capitalism: The US prosperity gospel and neoliberalism

Neoliberalism relies on optimism. Without faith in meritocracy—unwavering belief that rewards will eventually and justly come to those who work hard enough—support for the capitalist system and belief in neoliberalism would unravel. How that optimism is perpetuated in the face of persistent income inequality and exploitation within the workplace requires an examination of those cultural institutions which reinforce and reproduce optimism over practical experience. This research focuses on one particular religious institution of the United States—the Prosperity Gospel. The Prosperity Gospel is a modern, neoliberal variation of Pentecostalism that is premised on the belief that a Biblical covenant between the individual believer and God guarantees that believer blessings of health and wealth, provided she demonstrates adequate faith. Accordingly, for those who are less adept at navigating the business world, financial success is still available for those believers who can dedicate themselves with the same frenzied ambition to the spiritual world. The Prosperity Gospel thus supports and sustains neoliberalism; the Prosperity Gospel is an institution which provides ref-uge to individuals from the exigencies of the market as well as a social practice which reinforces individual responsibility and fault. The Prosperity Gospel is the spiritual articulation of neoliberalism as well as a reinforcing institution

From mad to mindful: Corporate control through corporate spirituality

Abstract: Capitalism has always and will always depend on a compliant workforce. Maintaining the delicate balance between a worker who is just “not-unhappy” enough or desperate enough to continue working while also cutting costs to the bone presents a continuous challenge for business interests. This pursuit to squeeze more productivity out of workers while also managing worker discontent in the cheapest way possible has spawned innovations in labor management which reflect the institutional milieu of the respective time. This research focuses on those labor management techniques particular to neoliberalism and the ways in which cultural movements and trends of the neoliberal period are mined and deployed as yet another useful resource in the disciplining of workers. Corporate mindfulness is the favorite labor management technique of the neoliberal period. The formalized packaging of corporate mindfulness began in the late 1970s but was built on a long tradition of attempts to hack the minds and mindsets of workers. Corporate mindfulness reinforces neoliberalism through the corporate individual, the transformation of the self of the corporate individual, and the creation of the corporation as a community and means of social connection for the corporate individual