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Neoliberalism And Capital Accumulation

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Chapter Summary

Contemporary capitalism is characterized by a renewed enthusiasm to create opportunities for unhindered accumulation on an international basis. The demand for such opportunities gave rise to neoliberal policies and a revamping of liberal individualist doctrines to rationalize their implementation. The strategy and ideology of monopoly and finance capital is often referred to as 'market fundamentalism' or 'neoliberalism' (though few politicians, academics or pundits accept these labels). Contemporary accumulation depends in large part on price-fixing, monopolies, financial organization and new forms of property that facilitate the extraction of wealth. The state and collectives of various kinds are becoming more and more central to the processes of capital accumulation. Contemporary free market ideology consists of a body of principles, arguments and moral precepts derived from liberal individualism. The goal of both is the emancipation of capital.

Keywords: capital accumulation; contemporary capitalism; market fundamentalism; neoliberalism



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