Neoliberalism as discourse: between Foucauldian political economy and Marxian poststructuralism

Abstract

Contemporary theorizations of neoliberalism are framed by a false dichotomy between, on the one hand, studies influenced by Foucault in emphasizing neoliberalism as a form of governmentality, and on the other hand, inquiries influenced by Marx in foregrounding neoliberalism as a hegemonic ideology. This article seeks to shine some light on this division in an effort to open up new debates and recast existing ones in such a way that might lead to more flexible understandings of neoliberalism as a discourse. A discourse approach moves theorizations forward by recognizing neoliberalism is neither a ‘top-down’ nor ‘bottom-up’ phenomena, but rather a circuitous process of socio-spatial transformation.

Keywords:

• discourse
• governmentality
• hegemony
• neoliberalism
• political economy
• poststructuralism

Acknowledgements

Many thanks to Jamie Peck, Philippe Le Billon, Jim Glassman, Derek Gregory, James Sidaway, Henry Yeung, Harvey Neo, Godfrey Yeung, Sallie Yea, and Rusla Anne Springer for their important feedback on earlier versions of this argument. I am grateful to Stevan Springer and Li Kheng Lee for their assistance with the diagram. I also wish to thank the editors along with the anonymous referees for their critical engagements with my manuscript. The usual disclaimers apply.

Notes

The financial crisis that began in late 2008 and Barack Obama's ascendancy to the presidency in the USA has lead some commentators to proclaim neoliberalism dead (see Bello, 2008; Rocamora, 2009; Wallerstein, 2008). While I would suggest such pronouncements are premature (see Birch & Mykhnenko, 2010; Smith, 2008), the emerging debate surrounding ‘postneoliberalism’ (see Brand & Sekler, 2009; Peck, Theodore, & Brenner, 2010) nonetheless hints at a discursive shift as capitalist rationalities inevitably begin to change.