Over the last two decades, 'neoliberalism' has emerged as a key concept within a range of social science disciplines including sociology, political science, human geography, anthropology, political economy, and cultural studies. The SAGE Handbook of Neoliberalism showcases the cutting edge of contemporary scholarship in this field by bringing together a team of global experts. Across seven key sections, the handbook explores the different ways in which neoliberalism has been understood and the key questions about the nature of neoliberalism: Part 1: Perspectives Part 2: Sources Part 3: Variations and Diffusions Part 4: The State Part 5: Social and Economic Restructuring Part 6: Cultural Dimensions Part 7: Neoliberalism and Beyond This handbook is the key reference text for scholars and graduate students engaged in the growing field of neoliberalism.
Chapter 33: Neoliberalism, Inequality, and Capital Accumulation
Neoliberalism, Inequality, and Capital Accumulation
This contribution first considers the meaning of the concept ‘neoliberalism'. Second, it examines the relation between neoliberalism and the increase in income inequality in recent decades. Third, it shows that rising inequality, interacting with other consequences of neoliberalism, promoted capital accumulation and a process of unevenly distributed economic growth for several decades. Finally, we will examine the unsustainable character of the pattern of capital accumulation promoted by neoliberalism, which gave rise to the financial and economic crisis that broke out in 2008. That crisis continues to have effects at the time of this writing.
The analysis in this contribution is based on the social structure of accumulation theory ...