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Chapter 1

Philosophy 3810F/G Chapter Notes - Chapter 1: Neoliberalism


Department
Philosophy
Course Code
PHIL 3810F/G
Professor
Steve D' Arcy
Chapter
1

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CALLINICOS CHAPTER ONE SUMMARY
Neo-liberalism has failed even to restore the rates of economic growth that the world
enjoyed during the Long Boom of the 1950s and 1960s, let alone to reduce poverty and
inequality
Although financial markets provide the most visible evidence of the irrationality and
inhumanity of liberal capitalism, they are more a symptom than the fundamental source
of the problem
Capitalism is best understood along the lines pioneered by Marx, as a system based on
the exploitation of wage-labour and driven by the competitive accumulation of capital
The process of competitive accumulation is responsible for capitalisms chronic tendency
towards crises of over-investment and profitability: financial speculation feeds this
tendency but is not its primary cause
The competitive struggle among the multinational corporations that dominate the
contemporary world economy is also the main driving force behind the processes of
environmental destruction that threaten the life of humankind along with that of many
other species
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