Crisis, Continuity and Change: Neoliberalism, the Left and the Future of Capitalism

Abstract: This essay's point of departure is the coincident economic and environmental “crises” of our time. I locate both in the dynamics of capital accumulation on a world‐scale, drawing on the ideas of Marx, Karl Polanyi and James O’Connor. I ask whether the recent profusion of “crisis talk” in the public domain presents an opportunity for progressive new ideas to take hold now that “neoliberalism” has seemingly been de‐legitimated. My answer is that a “post‐neoliberal” future is probably a long way off. I make my case in two stages and at two geographical scales. First, I examine the British social formation as currently constituted and explain why even a leading neoliberal state is failing to reform its ways. Second, I then scale‐up from the domestic level to international affairs. I examine cross‐border emissions trading—arguably the policy tool for mitigating the very real prospects of significant climate change this century. The overall conclusion is this: even though the “first” and “second” contradictions of capital have manifested themselves together and at a global level, there are currently few prospects for systemic reform (never mind revolution) led by a new, twenty‐first century “red‐green” Left.