What are the specific characteristics of "millenial capitalism" (also known as neoliberalism)? what are some changes in labor and consumption post the 1990s? How does spirit and religious ethic play into this new phase of capitalism?
Whenever I hear “Millenial Capitalism” or more often neoliberalism, I immediately think of the complete confidence and belief in the free market. As well, the faces of Ronald Reagan and Margret Thatcher pop into mind shortly after. This belief in the power of free market trade by neoliberals is doubled down upon with the deregulation of the market. Taking the restrictions away allows the market to be “freer” and work it’s believed magic. Neoliberalism see’s the welfare state as the anti-Christ. Privatization and individualism are championed by neoliberals as they see no need for state intervention in the economy. The free market is supposed to sort everything out, supplying jobs, wages, etc. Essentially creating enough economic stimulation that there is no need to intervene. Those who do not find success in this economy are simply not doing enough for themselves while those who are flourishing are doing so because they’ve worked hard and deserve it. Sort of an economic/social Darwinism. These neoliberal unrestricted economic policies opened up the door for globalization as industries found ways to maximize profits, moving their labor and production to other parts of the world where wages were lower, and selling back to larger markets like the United States. This is somewhat like that of the system explained by Sydney Mintz in Sweetness and Power. The “free laborers” used to grow and harvest the sugar are like to offshore laborers of globalization. The sugar was then sold in England and elsewhere; markets removed from the place of production. In both scenarios, the laborers and consumers are both removed from the product itself, not having any real relationship with the product other than either laborer or consumer. The religious ethic that I see in neoliberal capitalism is somewhat reflective of Max Weber’s theory on capitalism. His idea that Calvinist and Protestants projected this idea of pre-determination onto their economic success seems to hold true. Calvinist believed God had places reserved for individuals in heaven and how one would know of their reservation was if they were successful in contributing to their community or society. Those then who were able to make money, provide a valuable service, or reinvest their funds were destined to do so and were seen as “good”. Those who were poor essentially deserved it because God did not choose them for heaven therefore, they were “bad” and this was Gods way of telling everyone so. Neoliberals belief of the markets ability to play the “sorting hat” is parallel to this, if you do not succeed economically it’s nobody’s fault but your own and if you are well off or comfortable financially, that’s because you deserve it.
One main characteristic of today's capitalism or neoliberalism, are various kinds of binary systems that include, the legalistic paired with the libertarian, being extremely rational and the cult practices of pyramid schemes and seed faith or prosperity gospel. Another trait is the concern towards society that has brought an increase of violent behavior such as domestic violence and rape, riots, and prison populations. After the 1990s labor changed in who was doing the work and where the production was taking place. Labor was being replaced by non-humans and the production process was taking place in locations where labor was cheaper, not controlled by the state, with less taxes. This change in labor has created the outcome of high unemployment. Spirit and religious ethic play into this new phase of capitalism as Commarof brings up the change of gambling culture. Gambling used to be separate from work and wages and was viewed by religions, specifically protestants as a sin or a dishonest way in making money. However, with the new age of capitalism gambling is supported by the government and is highly liked by many people and is viewed as a respected way in making money. Capitalism today is only becoming more risky and so it seems to be a more natural transition for people to fall into the risky behavior of gambling. Gambling is one of the fastest growing industries in the US and thus has become a part of our society and is even contributing to patriotic ideologies.
Neoliberalism can be characterized by deregulation in favor of a freer market, with the intention of empowerment (while simultaneously producing the opposite effect). Since the 1990’s, consumption has increased and the meaning of it has changed as it is now an important part figuring out one’s identity. Production labor has also become increasingly outsourced, and what is left domestically is a growing abundance of jobs which are not rooted in labor and which do not provide security because the worker is easily replaced and the actual position (and person) may not even be needed. This of course can lead to a frantic search to meet basic needs through nontraditional means. The quote on the label of shorts in the store was a great example of how neoliberalism is embraced and encouraged through the lens of “the new age”. I have seen this a lot in the U.S. with the commodification of “wellness”. The article mentions tarot cards being used because they can (arguably and to a limited extent) replace psychological therapy for a fraction of the cost. Neoliberalism is embraced and encouraged through any outlet; every area of a culture is commodified including spirituality and religion. In South Africa, secret occult activities are being viewed and read about by mainstream society - magazines, television, and newspapers have covered such topics. Hidden [occult] economies are continuing to thrive, and at the same time, occult subjects are being adopted into the mainstream economy in the forms of both media coverage and commodification of the occult as if it is a “fad” (like the diviner ads in newspapers). In the U.S., I think that tarot cards would be considered part of an occult economy because its purpose is to deliver something (in this case, therapy) that is otherwise unattainable (for such a low cost, anyways), by nontraditional means.
Whenever I hear “Millenial Capitalism” or more often neoliberalism, I immediately think of the complete confidence and belief in the free market. As well, the faces of Ronald Reagan and Margret Thatcher pop into mind shortly after. This belief in the power of free market trade by neoliberals is doubled down upon with the deregulation of the market. Taking the restrictions away allows the market to be “freer” and work it’s believed magic. Neoliberalism see’s the welfare state as the anti-Christ. Privatization and individualism are championed by neoliberals as they see no need for state intervention in the economy. The free market is supposed to sort everything out, supplying jobs, wages, etc. Essentially creating enough economic stimulation that there is no need to intervene. Those who do not find success in this economy are simply not doing enough for themselves while those who are flourishing are doing so because they’ve worked hard and deserve it. Sort of an economic/social Darwinism. These neoliberal unrestricted economic policies opened up the door for globalization as industries found ways to maximize profits, moving their labor and production to other parts of the world where wages were lower, and selling back to larger markets like the United States. This is somewhat like that of the system explained by Sydney Mintz in Sweetness and Power. The “free laborers” used to grow and harvest the sugar are like to offshore laborers of globalization. The sugar was then sold in England and elsewhere; markets removed from the place of production. In both scenarios, the laborers and consumers are both removed from the product itself, not having any real relationship with the product other than either laborer or consumer. The religious ethic that I see in neoliberal capitalism is somewhat reflective of Max Weber’s theory on capitalism. His idea that Calvinist and Protestants projected this idea of pre-determination onto their economic success seems to hold true. Calvinist believed God had places reserved for individuals in heaven and how one would know of their reservation was if they were successful in contributing to their community or society. Those then who were able to make money, provide a valuable service, or reinvest their funds were destined to do so and were seen as “good”. Those who were poor essentially deserved it because God did not choose them for heaven therefore, they were “bad” and this was Gods way of telling everyone so. Neoliberals belief of the markets ability to play the “sorting hat” is parallel to this, if you do not succeed economically it’s nobody’s fault but your own and if you are well off or comfortable financially, that’s because you deserve it.
ReplyDeleteOne main characteristic of today's capitalism or neoliberalism, are various kinds of binary systems that include, the legalistic paired with the libertarian, being extremely rational and the cult practices of pyramid schemes and seed faith or prosperity gospel. Another trait is the concern towards society that has brought an increase of violent behavior such as domestic violence and rape, riots, and prison populations. After the 1990s labor changed in who was doing the work and where the production was taking place. Labor was being replaced by non-humans and the production process was taking place in locations where labor was cheaper, not controlled by the state, with less taxes. This change in labor has created the outcome of high unemployment. Spirit and religious ethic play into this new phase of capitalism as Commarof brings up the change of gambling culture. Gambling used to be separate from work and wages and was viewed by religions, specifically protestants as a sin or a dishonest way in making money. However, with the new age of capitalism gambling is supported by the government and is highly liked by many people and is viewed as a respected way in making money. Capitalism today is only becoming more risky and so it seems to be a more natural transition for people to fall into the risky behavior of gambling. Gambling is one of the fastest growing industries in the US and thus has become a part of our society and is even contributing to patriotic ideologies.
ReplyDeleteNeoliberalism can be characterized by deregulation in favor of a freer market, with the intention of empowerment (while simultaneously producing the opposite effect). Since the 1990’s, consumption has increased and the meaning of it has changed as it is now an important part figuring out one’s identity. Production labor has also become increasingly outsourced, and what is left domestically is a growing abundance of jobs which are not rooted in labor and which do not provide security because the worker is easily replaced and the actual position (and person) may not even be needed. This of course can lead to a frantic search to meet basic needs through nontraditional means. The quote on the label of shorts in the store was a great example of how neoliberalism is embraced and encouraged through the lens of “the new age”. I have seen this a lot in the U.S. with the commodification of “wellness”. The article mentions tarot cards being used because they can (arguably and to a limited extent) replace psychological therapy for a fraction of the cost. Neoliberalism is embraced and encouraged through any outlet; every area of a culture is commodified including spirituality and religion. In South Africa, secret occult activities are being viewed and read about by mainstream society - magazines, television, and newspapers have covered such topics. Hidden [occult] economies are continuing to thrive, and at the same time, occult subjects are being adopted into the mainstream economy in the forms of both media coverage and commodification of the occult as if it is a “fad” (like the diviner ads in newspapers). In the U.S., I think that tarot cards would be considered part of an occult economy because its purpose is to deliver something (in this case, therapy) that is otherwise unattainable (for such a low cost, anyways), by nontraditional means.
ReplyDelete