Neoliberalism in Literature & Literary Theory

Etymology and Concept of Neoliberalism

The term “neoliberalism” has its roots in the revival of classical liberal economic and political thought that emerged in the mid-20th century.

The prefix “neo” signifies a new form of liberalism, reflecting a return to principles of limited government intervention in the economy and a focus on individual liberty.

It gained prominence with the works of economists and political philosophers like Friedrich Hayek and Milton Friedman, who advocated for a reduced role of the state and a greater emphasis on free-market principles. The term “neoliberalism” thus denotes the resurgence of liberal economic and political ideas, particularly those favoring market-oriented policies and the reduction of government intervention in economic affairs.

Meanings of Neoliberalism

Aspect	Meaning
Economic Liberalism	Belief in free-market capitalism, minimal government intervention, and promotion of private enterprise for economic growth.
Political Philosophy	Emphasis on limited state involvement, individual freedoms, reduced government regulation, and fiscal conservatism.
Market-Oriented Reforms	Policy approach focusing on deregulation, privatization, and reduced government control for increased market competition.
Globalization	Advocacy for open markets and removal of trade barriers for international economic integration.
Critique of Welfare State	Advocacy for reduced social welfare programs and emphasis on personal responsibility over state support.
International Influence	Impact on international organizations promoting market-oriented policies in developing countries.
Income Inequality	Criticized for contributing to income inequality by favoring the wealthy and corporations.
Cultural & Social Impact	Alleged influence on commodification of culture and social relationships in pursuit of profit.
Environmental Concerns	Linked to potential disregard for ecological sustainability and environmental protection.
Global Policy Debates	Subject of ongoing global policy debates regarding its impact on economies, societies, and resource distribution.

Definition of Neoliberalism as a Theoretical Term

Neoliberalism, as a theoretical term, represents an economic and political ideology that advocates for minimal state intervention in markets, prioritizing free-market capitalism and the promotion of individual liberties.

It encompasses a political philosophy emphasizing reduced government regulation and fiscal conservatism, often associated with the globalization of trade, the critique of the welfare state, and a preference for market-oriented reforms.

Neoliberalism has influenced international institutions and remains a subject of global policy debates, with proponents emphasizing its role in fostering economic growth while critics raise concerns about income inequality and environmental impact.

Neoliberalism: Theorists, Works and Arguments

Theorists:

1. Friedrich Hayek (1899-1992): Hayek is a prominent figure in neoliberal thought. His work, “The Road to Serfdom” (1944), argued for limited government intervention and the dangers of socialism, influencing neoliberal economic philosophy.
2. Milton Friedman (1912-2006): Friedman, known for his book “Capitalism and Freedom” (1962), advocated for free-market capitalism, monetarism, and reducing government control in the economy.
3. James Buchanan (1919-2013): Buchanan’s contributions to public choice theory align with neoliberal ideas, emphasizing individual rationality and minimal state interference.
4. Gary Becker (1930-2014): Becker’s work in human capital theory and rational choice theory has been influential in neoliberal economic thought.

Key Works:

1. The Road to Serfdom (1944) by Friedrich Hayek: This book warns against state control and advocates for economic freedom.
2. Capitalism and Freedom (1962) by Milton Friedman: In this work, Friedman emphasizes the importance of free markets and limited government intervention.
3. The Constitution of Liberty (1960) by Friedrich Hayek: Hayek outlines the principles of a liberal society and the dangers of collectivism.

Key Arguments:

1. Free-Market Capitalism: Neoliberal theorists argue that free-market capitalism leads to economic efficiency and individual prosperity.
2. Limited Government Intervention: Neoliberalism promotes minimal state involvement, favoring market-driven solutions over government regulations.
3. Individual Liberty: Neoliberalism places a strong emphasis on individual freedom and choice, both in economic and political spheres.
4. Globalization: Advocates of neoliberalism support the removal of trade barriers and the globalization of markets.
5. Critique of Welfare State: Neoliberalism critiques the welfare state model, emphasizing personal responsibility over state support.
6. Market-Oriented Reforms: Neoliberal policies include deregulation, privatization, and reducing government control in various sectors.
7. Income Inequality: Critics argue that neoliberal policies contribute to income inequality by favoring the wealthy and corporations.
8. Environmental Impact: Some critics raise concerns about neoliberalism’s potential disregard for ecological sustainability and environmental protection.

Neoliberalism and Literary Theories

Theory	Relevance
Marxist Literary Theory	Neoliberalism’s emphasis on free-market capitalism and the critique of the welfare state align with Marxist literary theory’s examination of class struggle and societal structures. Scholars may analyze how literature reflects or resists neoliberal economic policies and their impact on social classes.
Postcolonial Theory	Postcolonial literary theory explores the impact of colonialism and imperialism on literature. Neoliberalism’s role in globalization and international economic relations can be examined through a postcolonial lens, considering how economic forces influence cultural narratives.
Feminist Literary Theory	Neoliberalism’s influence on gender dynamics and its impact on women’s roles in society may be analyzed using feminist literary theory. Scholars may investigate how literature reflects or challenges gender-based power imbalances exacerbated by neoliberal policies.
Cultural Studies	Cultural studies often examines how culture is commodified and influenced by economic and political forces. Neoliberalism’s connection to the commodification of culture and social relationships can be explored within this framework.
Environmental Criticism	Neoliberalism’s approach to economic growth and its potential disregard for ecological sustainability are of interest to environmental critics. Literature that engages with ecological concerns and portrays the environmental impact of neoliberal policies can be analyzed from this perspective.
Narrative Theory	Narrative theorists might examine how neoliberalism influences the storytelling and narrative conventions in literature. This can include the portrayal of economic themes, individual agency, and social relationships in narratives.

Neoliberalism in Literary Criticism

1. Eggers’ novel The Circle delves into the implications of an all-encompassing, technology-driven corporation, reminiscent of tech giants like Google and Facebook. A neoliberal critique here could focus on how this corporate dominance erodes privacy and fosters a surveillance culture, reflecting the commodification of personal data under neoliberal capitalism. Additionally, the novel highlights the willingness of the characters to give up personal freedoms in exchange for convenience, a reflection of the individualistic and consumer-driven values promoted by neoliberal ideology.
2. Beatty’s satirical novel, The Sellout, addresses issues of race and identity in America. Neoliberalism can be critiqued for its role in perpetuating systemic inequalities, as seen in the book’s portrayal of the commodification of racial identity. The novel also challenges the idea of a colorblind society promoted by neoliberalism, suggesting that this approach ignores the deep-seated racial injustices that persist in a market-driven world.
3. By Emily St. John Mandel this post-apocalyptic novel, Station Eleven, explores the collapse of society and the resilience of the human spirit. A neoliberal critique can focus on the fragility of a world built on market-driven forces, where essential services are privatized and vulnerable to collapse in times of crisis. It also raises questions about the values of consumerism and individualism in a world where survival and community become paramount, highlighting the potential shallowness of neoliberal ideals.
4. Viet Thanh Nguyen‘s The Sympathizer deals with the aftermath of the Vietnam War and the immigrant experience in the United States. Neoliberalism can be critiqued for its role in shaping immigration policies and for creating a society where the immigrant experience is often defined by market-driven forces and assimilation. The protagonist’s internal struggle reflects the tension between individual ambition and the desire to preserve cultural identity, a common theme in neoliberal societies where conformity and success often go hand in hand.

Suggested Readings

1. Harvey, David. A Brief History of Neoliberalism. Oxford University Press, 2007.
2. Klein, Naomi. The Shock Doctrine: The Rise of Disaster Capitalism. Picador, 2007.
3. Mirowski, Philip. Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown. Verso, 2013.
4. Peck, Jamie. Constructions of Neoliberal Reason. Oxford University Press, 2010.
5. Polanyi, Karl. The Great Transformation: The Political and Economic Origins of Our Time. Beacon Press, 2001.
6. Slobodian, Quinn. Globalists: The End of Empire and the Birth of Neoliberalism. Harvard University Press, 2018.
7. Stedman Jones, Daniel. Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics. Princeton University Press, 2012.
8. Stiglitz, Joseph E. Globalization and Its Discontents. W. W. Norton & Company, 2003.
9. Wacquant, Loïc. Punishing the Poor: The Neoliberal Government of Social Insecurity. Duke University Press, 2009.
10. Wolf, Martin. Why Globalization Works. Yale University Press, 2005.