At the onset of the Great Recession, as house prices sank and joblessness soared, many commentators concluded that the economic convictions behind the disaster would now be consigned to history. And yet, in the harsh light of a new day, we’ve awoken to a second nightmare more ghastly than the first: a political class still blaming government intervention, a global drive for austerity, stagflation, and an international sovereign debt crisis..

Philip Mirowski finds an apt comparison to this situation in classic studies of cognitive dissonance. He concludes that neoliberal thought … More

Much has been written about Britain’s trailblazing post-1970s privatization program, but the biggest privatization of them all has until now escaped scrutiny: the privatization of land. Since Margaret Thatcher took power in 1979, and hidden from the public eye, about 10 per cent of the entire British land mass, including some of its most valuable real estate, has passed from public to private hands. Forest land, defence land, health service land and above all else local authority land for farming and school sports, for recreation and housing has been sold off en masse.

Why? How? And with what social, economic and political consequences? The New Enclosure provides the first ever study of this … More

The turbulence of the financial markets is often explained in terms of the immorality of market agents, misguided economic theory or unsuitable regulation. Even when these explanations are not false ones, they leave aside the main problem: the nature of financial value. Starting out from the concept of fictitious capital, Cedric Durand argues that finance pre-empts future production, appropriating for itself wealth that is yet to be created.

  Using comparative data covering the last four decades, he shows that the rise in private and public debt, the … More

Business schools are institutions which, a decade after the financial crash, continue to act as loudspeakers for neoliberal capitalism with all its injustices and planetary consequences. In this lively and incendiary call to action, Martin Parker offers a simple message: shut down the business school.

Parker argues that business schools are ‘cash cows’ for the contemporary university that have produced a generation of unreflective managers, … More