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Culture & Society
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What is This?
The global financial crisis that started in late 2007 and which, in many
respects, is still ongoing, has led many to reconsider the dynamics of
market capitalism in terms of its underlying political economy: neo-
liberalism. While this term is often used in popular discourse to refer
to a political ideology of laissez-faire or, more simply, a fundamental
belief in the freedom of the market, Jamie Peck advances a more nuanced
understanding of neoliberalism by addressing the complex connections
between the state and market in terms of ‘roll-back’ (deregulation, pri-
vatization and the devolution of state powers) and ‘roll-out’ (the ‘explo-
sion of ‘‘market conforming’’ regulatory incursions’, p. 23). This
approach is in some ways similar to that of Michel Foucault, who in
his lectures on biopolitics theorizes neoliberalism as a form of govern-
mentality that reverses the logic of classical liberalism by running from
the market to the state rather than vice versa. Peck, in similar vein to
Foucault, treats neoliberalism as a form of ‘market-oriented ‘‘govern-
ance’’’, and argues that neoliberalization is not the ‘antithesis of regula-
tion’ but rather a ‘self-contradictory form of regulation-in-denial’
(p. xiii). But Peck’s specific interest, in contrast to Foucault, is in neo-
liberalism as ‘a lived phenomenon’ (p. xii), and for this reason he is
concerned with its ‘sociological complexity’ (p. xiv) as well as its ‘histor-
ical geography’ (p. 8). These concerns underpin the structure of the book,
which is framed around the emergence of two different types of neoliberal
reason: the first coming from the ordoliberalism of post-war Germany,
and the second from the more aggressively market-oriented ideas of the
Chicago School (in particular Milton Friedman). It is through this the-
oretical framework that Peck addresses the emergence of neoliberal
think-tanks that have been pivotal in providing a response to events
such as 9/11 and Hurricane Katrina (Chapter 4), before turning to the
soft-neoliberalism of the ‘creative cities’ movement (Chapter 5) and the
‘leftish neoliberalism’ (p. 243) of the Obama presidency (Chapter 6).