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Neo-Liberal IdeologyHistory, Concepts and Policies$
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Rachel S. Turner

Print publication date: 2008

Print ISBN-13: 9780748632688

Published to Edinburgh Scholarship Online: March 2012

DOI: 10.3366/edinburgh/9780748632688.001.0001

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Chapter 5 The market: Against the state

Chapter 5 The market: Against the state

Chapter:
(p.114) (p.115) Chapter 5 The market: Against the state
Source:
Neo-Liberal Ideology
Author(s):

Rachel S. Turner

Publisher:
Edinburgh University Press
DOI:10.3366/edinburgh/9780748632688.003.0005

This chapter examines the concept of the market in relation to neo-liberalism, allocating the market a core position in neo-liberalism's ideological configuration. It discusses the role of the market in classical liberal political economy, in neo-classical political economy, and in the philosophy of the Austrian School of Economics. The chapter goes on to detail some of the imperfections of the market, such as monopoly, bureaucracy, and regulation and state intervention, and examines how neo-liberals overcome these obstacles. Finally, it explores the role of markets in the global economy, outlining the neo-liberal vision of a globalised market order. The chapter contends that markets, for neo-liberals, are sacrosanct to the functioning of the economy; they are part of the natural spontaneous order of civilised values and mutual cooperation that sustains capitalism.

Keywords:   ideological configuration, capitalism, political economy, School of Economics, state intervention

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