https://doi.org/10.1177/0896920517699153
Critical Sociology
2017, Vol. 43(4-5) 611–613
© The Author(s) 2017
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DOI: 10.1177/0896920517699153
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Neoliberalism Since the Crisis
Damien Cahill
University of Sydney, Australia
Alfredo Saad-Filho
SOAS, University of London, UK
Among critical social scientists and progressive activists alike, analysis of neoliberalism has
become inseparable from the examination of the crisis that has engulfed the global economy since
2007. When the crisis began, it was interpreted by many, not least the mainstream media and even
some of the staunchest advocates of neoliberalism, as a crisis of the model of capitalism that had
dominated global economic policy for the previous two-and-a-half decades. Moreover, neoliberal
policies promoting financialization were widely held to be responsible for the onset of crisis. As
states responded to the crisis with (what appeared to be) new restrictions on finance capital and the
nationalization of some of the world’s largest banks and financial corporations, many thought it
reasonable to conclude that the neoliberal era was coming to an end.
Yet, as the global economic crisis continues, so does the rollout of recognizably neoliberal poli-
cies of austerity, privatization, deregulation and more and more features of the welfare states built
in the postwar era. They have been used as tools of crisis management, even as states have experi-
mented with new forms of economic regulation, such as quantitative easing. Particularly in those
countries worst hit by recession, such tools have deepened and (provisionally) channelled abroad
the economic crisis, instead of resolving it, while contributing to the stagnation of demand and
miring ordinary people in perpetual austerity.
It is perhaps unsurprising then that contestation over post-crisis neoliberalism is evident in
many of the recent seismic political developments across the globe. Most obviously, the rise of
radical left-wing parties in Greece, Spain, Portugal and elsewhere, and the popularity of leaders
such as British Labour’s Jeremy Corbyn, or Bernie Sanders in the USA, are direct reactions to the
devastating effects of enforced neoliberal austerity. These follow earlier political movements
against some of the harshest forms of neoliberalism in the Global South – such as the so-called
‘Pink Tide’ that carried a series of (more-or-less radical) left-wing parties to government across
Latin America. But the echoes of dissent against neoliberalism, however distorted, can also be
heard in the successful ‘leave’ campaign in the British referendum on its EU membership, in some
of Donald Trump’s economic policies (even as he is so obviously one of the world’s leading
beneficiaries of neoliberalization), and in the rise of the National Front, in France, alongside the
mobilization of racial prejudices and national imaginaries in many countries.
The premise of this special issue of Critical Sociology is that an understanding of neoliberalism
since the crisis is crucial for comprehending the contradictions, conflicts and social forces reshaping
the contemporary global political economy. Despite scholarship on, about and around neoliberalism
having burgeoned since the onset of the global crisis, a settled definition of neoliberalism remains
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