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In the entries in this series I am writing about my current readings on left writings relating to neoliberalism in Canada.

In Alfredo Saad-Filho’s essay “Marxian and Keynesian Critiques of Neoliberalism,”¹ he outlines the main thrusts of these two political-economic systems and assesses their relative strengths, accuracy, and usefulness. His point of departure is the observation that despite its recent unpopularity and political defeat in some parts of the world, neoliberalism remains “the dominant modality of social and economic reproduction in most countries” (337). Saad-Filho argues that by delineating the analyses of Keynesians and Marxists it becomes clear that only Marxism can adequately understand the continued dominance of neoliberalism. Specifically, Keynesianism fails in its level of analysis, in its underestimation of the agency of neoliberals in support of their (class) interests, and in its prescription for overcoming neoliberalism. Keynesianism analysis does not go deep enough in understanding the influence of neoliberalism: “Keynesian analyses tend to describe conflicts around the process of accumulation, while obscuring or ignoring completely conflicts about the nature of capitalist accumulation” (341). As a result it does not criticize capitalism. Keynesianism fails to appreciate the extent of the agency of those promoting neoliberalism, who will act in their own interests to ensure their continued wealth. Neoliberalism is “not merely a set of economic and social policies,” it “combines an accumulation strategy, a mode of social and economic reproduction and a mode of exploitation and social domination based on the systematic use of state power to impose…a hegemonic project of recomposition of the rule of capital in all areas of social life” (342). Finally, Keynesianism predicts that a strong government with the correct policies could overcome the neoliberal agenda. This both ignores the embeddeness of the state in the social, political, and economic forces that have been taken over by neoliberalism. Recognition of this embededness means acknowledging that change must involve popular movements that challenge the state.

1. Saad-Filho, Alfredo. “Marxian and Keynesian Critiques of Neoliberalism.” Socialist Register, 2008: 337-345. [↩]

Tags: Canada, capitalism, economics, keynesianism, neoliberalism, socialism

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