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

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Published on 12 Jul 2012
School
Western University
Department
Philosophy
Course
Philosophy 3810F/G
Professor
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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Document 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.

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