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Thinking Allowed: Work and Consumption; Neo-liberal Economics

13/11/2013

Work and Consumption; Neo-liberal Economics

BBC Radio 4 - Thinking Allowed, Work and Consumption; Neo-liberal Economics

Laurie Taylor discusses why neoliberal economics still dominates the post-recession world.

Laurie Taylor talks to US professor Philip Mirowski about why the recession failed to discredit this economic model. Plus a re-appraisal of the work and consumption 'treadmill'.

The truimph of Neoliberal economics in the post Recession world. Laurie Taylor talks to US Professor of Economics, Philip Mirowski, about his analysis of why neoliberalism survived, and even prospered, in the aftermath of the financial meltdown of 2008. Although it was widely asserted that the economic convictions behind the disaster would be consigned to history, Mirowski says that the opposite is the case. He claims that once neoliberalism became a Theory of Everything, providing a revolutionary account of self, knowledge, markets, and government, it was impossible to falsify by data from the 'real' economy. Neoliberalism, he suggests, wasn't dislodged by the recession because we have internalised its messages. Have we all, in a sense, become neoliberals, inhabiting "entrepreneurial" selves which compel us to position ourselves in the market and rebrand ourselves daily? Also, why do work almost as hard as we did 40 years ago, despite being on average twice as rich? Robert Skidelsky, Emeritus Professor of Political Economy, suggests an escape from the work and consumption treadmill. 

Producer: Jayne Egerton.

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