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Books > History > World history > From 1900
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The Consumer, Credit and Neoliberalism - Governing the Modern Economy (Paperback)
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The Consumer, Credit and Neoliberalism - Governing the Modern Economy (Paperback)
Series: Routledge Frontiers of Political Economy
Expected to ship within 9 - 15 working days
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This book is an investigation into the economic policy formulation
and practice of neoliberalism in Britain from the 1950s through to
the financial crisis and economic downturn that began in 2007-8. It
demonstrates that influential economists, such as F.A. Hayek and
Milton Friedman, authors at key British think tanks such as the
Institute of Economic Affairs and the Centre for Policy Studies,
and important political figures of the Thatcher and New Labour
governments shared a similar conception of the consumer. For
neoliberals, the idea that consumers were weak in the face of
businesses and large corporations was almost offensive. Instead,
consumers were imagined to be sovereign agents in the economy,
whose consumption decisions played a central role in the
construction of their human capital and in the enabling of their
aspirations. Consumption, just like production, came to be viewed
as an enterprising and entrepreneurial activity. Consequently, from
the early 1980s until the present day, it was felt necessary that
banks should have the freedom to meet the borrowing needs of
consumers. Credit rationing would be a thing of the past. Just like
businesses, consumers and households could use debt to expand their
stock of personal assets. By utilizing the method of French
philosopher Michel Foucault this book provides an original analysis
of the policy ideas and political speeches of key figures in the
New Right, in government and at the Bank of England. And it
addresses the key question as to why policy-makers both in Britain
and the United States did little or nothing to stem rising consumer
and household indebtedness, instead always choosing to see
increasing house prices and homeownership as a positive to be
encouraged.
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