The Three Crises of Global Neoliberalism
Global neoliberalism has been through three phases, divided by the mid-1990s and the Great Financial Crisis (GFC). The first (‘transition’) phase emerged in opposition to the previous system of accumulation (Keynesian social-democracy, developmentalist, Soviet-style socialist, or whatever else). The main goal of this phase is the aggressive promotion and internationalization of private capital. The second (‘mature’) phase intensified the financialisation of social reproduction, institutionalized a limited democracy as its dominant political form, and legitimized the system of accumulation through a neoliberal subjectivity. The third phase involved the management of the consequences of the GFC through ‘fiscal austerity’, inevitably requiring the intensification of repression and new forms of exclusion, veiled by right-wing populist tropes.
Alfredo Saad-Filho is Professor of Political Economy at SOAS University of London and Head of SOAS Doctoral School. He was Senior Economic Affairs Officer at the United Nations Conference on Trade and Development (UNCTAD) in 2011-2012. Alfredo was awarded the Lifetime Achievement Medal of the Federal University of Goiás, Brazil, and the SOAS.