Free Market Fundamentalism or Corporate Power?

Drawing by Nathaniel St. Clair

I’ve been hearing about neoliberalism for a long time now and never could make much sense of it. It turns out the story we tell about neoliberalism is as contradictory as neoliberalism itself. Two currents within the critique of neoliberalism offer different analyses of the current economy and suggest different strategies for dealing with the gross exploitation, wealth inequality, climate destruction and dictatorial governance of the modern corporate order.

These opposing currents are not just different schools of thought represented by divergent thinkers. Rather they appear as contradictions within the critiques of neoliberalism leveled by some of the most influential writers on the subject. These different interpretations are often the result of focus. Look at neoliberal doctrine and intellectuals and the free market comes to the fore. Look at the history and practice of the largest corporations and the most powerful political actors and corporate power takes center stage.

The most influential strain of thought places “free market fundamentalism” (FMF) at the center of a critical analysis of neoliberalism. The term was coined by Nobel Prize winner and former chief economist of the World Bank itself –Joseph Stigliz. FMF is usually how neoliberalism is understood by progressives and conservatives alike. In this view, an unregulated free market is the culprit and the oft cited formula — de-regulation, austerity, privatization,…

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