Neoliberalism

The ideas of the preeminent political economist Karl Polanyi have enormous purchase in the 21st century, as the liberal creed and free market ideology are being ever more forcefully asserted in society under the name of neoliberalism. Writing about 19th century liberalism, Polanyi observed all of social relations being reduced to the logic of the market (Wjuniski & Fernandez, 2010, p. 424-5). This had especially detrimental effects for the commodities of land, labor, and money which historically had not been produced for sale on the market. The disruptive nature of marketization for these fictitious commodities threatened society as a whole, which is why Polanyi anticipated enlightened elites and labor would produce a counter movement for social
But just as under 19th century liberalism the market is not a system sufficient to organize an economy so as to guarantee human livelihood. Modern nation-states have not developed the institutions necessary to regulate and manage fictitious commodities and offer social protection (Wjuniski & Fernandez, 2010, p. 436). This is because unlike the early 20th century there is no political consensus on economic regulation, all elites are either explicitly on implicitly neoliberal (Featherstone, et al., 2015 p. 3). The construction of the Eurozone belies this difference while claiming to be a union delivering joint prosperity it has no democratic accountability and cannot be pressured by a traditional counter-movement from below. Previous ages of credit money, such as those that produced the international banking crisis of 2008, were accompanied by institutions that offered aid to debtors (usually religious in character) presently those international institutions, the World Bank, IMF, and ECB operate in reverse pursuing only the interest of lenders (Graeber, 2014, p. 369). This class of lenders who actually produced the crisis recreate it discursively as a sovereign debt crisis, as opposed to a banking crises, in order to promote their own interest (Featherstone, et al., 2015 p. 6). In Greece this portrayal of the crises has allowed implementation of austerity (Varoufakis, 2013, p. 208). Just as the World Bank used structural adjustments to liberalize the third world economies (Babb, 2005, p. 200) loans from the ECB are conditioned on further marketization and commodification in Greece. The reforms were nearly identical to those imposed in Latin America during the 90’s, sale of land and resources to foreign private