“The problem with capitalism is that it’s not capitalist enough”: Neoliberalism 2.0?

See below for comments by the Whole Foods CEO John Mackey in this article that are by now rather familiar. This notion can be formulated in many different ways but at root it seeks to redeem ‘free-market capitalism’ by agreeing with leftist critics and disowning the excesses of the last few decades, denouncing them as the result of a perverse corporatism which we now need to overcome:

Instead of blaming capitalism for inequality and environmental degradation, Mackey suggests that we should look at the actions of governments. Departing from the dominant idea that states have retreated from the market over the past three decades, Mackey argues states have become more interventionist than ever, and that in the process they have “fostered a mutant form of capitalism called crony capitalism” that is to blame for many of the problems societies face today. Mackey does not see crony capitalism as “real” capitalism. Instead it is a product of big government in which politicians trying to preserve their cushy jobs develop symbiotic, parasitic relationships with businesspeople too lazy or unimaginative to compete successfully in the marketplace. In Mackey’s story, crony capitalism has been exacerbated by the rising power of the financial sector and shareholder value ideology — the idea that firms are nothing more than a stream of assets designed to maximize profits for shareholders. Mackey argues that this obsession with greed and profits has “robbed most businesses of their ability to engage and connect with people” and has created “long-term systemic problems” that destroy profitability and that can be deeply damaging to people and to the planet. https://www.jacobinmag.com/2015/04/free-market-conscious-capitalism-government/

It might be confirmation bias on my part but I feel like I’m seeing this sentiment expressed with ever greater frequency. It becomes sinister when you consider it alongside the Trans-Pacific Partnership, the politics of austerity and the disturbingly post-democratic direction of European politics. Are we seeing the emergence of the cultural formation which will accompany the final and formal subordination of the social democratic state to the market economy?

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