Contradictions of Neoliberal Globalisation: The Importance of Ideologies and Values in Political Economy

Abstract

This paper has a simple theme: namely, that many of the major interpreters of neoliberal globalisation are more influenced by their own – mostly deterministic – world views and ideologies than they are of the need for a holistic, critical scrutiny of the dominant tendencies of modern capitalism. The first section analyses some of the major works in favour of neoliberal globalisation, paying special attention to their emphasis on the positive tendencies of the system, and the perspectives that colour the story. The second section examines some of the major works against neoliberal globalisation, where they centre on the negative aspects of global capitalism and the Washington consensus, under serious influence of a one-sided ideology. The next section illustrates that these respective positions are merely different sides of the same coin. A truly endogenous view of neoliberal globalisation recognises that the positives are inextricably linked with the negatives; they are holistically generated together in the fusion of systemic reproduction. Using the values and perspectives associated with an interdisciplinary, critical view of the system is a better method of comprehending neoliberal globalisation than a deterministic, one-sided evaluation of the facts as is more commonly utilised. The governance implications are then analysed, paying particular attention to the conflicts and instabilities that require resolution.