The Neoliberal Counterrevolution w/ Melinda Cooper
Jul 23, 2024
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Melinda Cooper, a Professor in Sociology at the Australian National University, dives into the complex dance of austerity and extravagance shaping neoliberal monetary policy. She illuminates how the crises of the 1970s birthed a counterrevolution against Keynesian economics, affecting wealth distribution and public finance. Discussing the regressive nature of capital gains tax cuts, she critiques their benefits for the wealthy. The conversation also touches on how reproductive rights debates reflect changing social dynamics amidst these ideological shifts.
Melinda Cooper highlights the intertwining of austerity measures and lavish tax cuts since the 1970s, which have exacerbated wealth inequality.
The re-framing of abortion in the 1970s galvanized conservative coalitions, aligning reproductive rights with broader anti-feminist and anti-welfare sentiments.
The dual consciousness among wage workers underscores the fragmented interests within the working class, complicating collective action against neoliberal policies.
Deep dives
The Shift in Class Dynamics
Traditional class definitions such as middle class and working class are becoming increasingly inadequate in the current economic landscape. The distinctions between classes are fragmenting as wealth and income distributions shift dramatically, leading to a situation where traditional mobility between classes is diminishing. Factors such as home ownership versus renting are creating deep rifts among different class strata, complicating the social fabric. This fracturing is indicative of a broader economic transformation that no longer supports the conventional understanding of class structures.
Neoliberalism and Its Consequences
The neoliberal counter-revolution that began in the 1970s reshaped public finance by intertwining austerity measures with rising public debts. While governments implemented austerity policies affecting redistributive public services, they simultaneously enacted tax cuts that disproportionately benefited wealthier citizens and private sector interests. This fiscal re-calibration led to an increase in wealth concentration at the top, creating a financial environment that rewards asset ownership while underfunding necessary public services such as healthcare and education. Such policies fostered societal cleavages by undermining the foundation of the welfare state.
The Political Landscape of Abortion and Its Impact
The 1970s marked a significant shift in how abortion was framed within American politics, transforming it into a central issue that united various religious groups against feminism and women's autonomy. Prior to this period, conservative factions did not prioritize abortion but later utilized it to build coalitions, particularly with Catholics who saw abortion as a moral issue. This realignment created the conservative coalition that against expanded social safety nets and reinforced existing class divisions, as reproductive rights became synonymous with broader struggles surrounding gender, race, and social justice. This politicization around reproductive health solidified opposition against welfare policies, further entrenching divisions across social classes.
Class Consciousness and Economic Policy
The creation of a dual class consciousness among wage workers, particularly blue-collar workers who identified as homeowners, reflects the complexities of class politics in the neoliberal era. Public policy, especially tax cuts, has often been positioned against the interests of lower-income workers in the public sector, leading to a fragmented working class. Instances like California's Prop 13 illustrate how political rhetoric can manipulate worker sentiments, causing them to side with private interests rather than collective labor concerns. This betrayal illustrates the challenges faced by the left in unifying diverse working-class interests and countering the co-optation of economic grievances by conservative forces.
Austerity and Social Fabric
Austerity measures deeply embedded in the social fabric exacerbate divisions and perpetuate inequity within society. Public ignorance about the mechanics of public finance and the distribution of social spending contributes to a perception of powerlessness and capitalist realism among the populace. As economic conditions become more precarious, the left faces the opportunity to reshape narratives and mobilize support for alternative policies, emphasizing how public resources can be harnessed for collective welfare. Recognizing the distributive aspects of austerity is essential for building effective coalitions around socialized healthcare and justice for all.
Melinda Cooper describes the combination of austerity and extravagance that characterizes neoliberal monetary policy and how these ideas emerged from the crises of the 1970s.
Melinda Cooperis Professor in the School of Sociology at the Australian National University. She is the author of Family Values: Between Neoliberalism and the New Social Conservatism andCounterrevolution: Extravagance and Austerity in Public Finance.
EVENT: bit.ly/3ShrqCi
SUPPORT: www.buymeacoffee.com/redmedicine
Soundtrack by Mark Pilkington
Twitter: @red_medicine__
www.redmedicine.substack.com/
SUPPORT: www.buymeacoffee.com/redmedicine
Soundtrack by Mark Pilkington
Twitter: @red_medicine__
www.redmedicine.substack.com/
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