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Nancy Fraser – The End of Progressive Neoliberalism

The election of Donald Trump represents one of a series of dramatic political uprisings that together signal a collapse of neoliberal hegemony. These uprisings include the Brexit vote in the United Kingdom, the rejection of the Renzi reforms in Italy, the Bernie Sanders campaign for the Democratic Party nomination in the United States, and rising support for the National Front in France, among others. Although they differ in ideology and goals, these electoral mutinies share a common target: all are rejections of corporate globalization, neoliberalism, and the political establishments that have promoted them. In every case, voters are saying “No!” to the lethal combination of austerity, free trade, predatory debt, and precarious, ill-paid work that characterize financialized capitalism today. Their votes are a response to the structural crisis of this form of capitalism, which first came into full view with the near meltdown of the global financial order in 2008.

Until recently, however, the chief response to the crisis was social protest—dramatic and lively, to be sure, but largely ephemeral. Political systems, by contrast, seemed relatively immune, still controlled by party functionaries and establishment elites, at least in powerful capitalist states like the United States, the United Kingdom, and Germany. Now, however, electoral shockwaves reverberate throughout the world, including in the citadels of global finance. Those who voted for Trump, like those who voted for Brexit and against the Italian reforms, have risen up against their political masters. Thumbing their noses at party establishments, they have repudiated the system that has eroded their living conditions for the last thirty years. The surprise is not that they have done so, but that it took them so long.

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