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Artmaking in the Age of Global CapitalismVisual Practices, Philosophy, Politics$
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Jan Bryant

Print publication date: 2019

Print ISBN-13: 9781474456944

Published to Edinburgh Scholarship Online: May 2020

DOI: 10.3366/edinburgh/9781474456944.001.0001

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PRINTED FROM EDINBURGH SCHOLARSHIP ONLINE (www.edinburgh.universitypressscholarship.com). (c) Copyright Edinburgh University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in ESO for personal use.date: 07 December 2021

‘Efficient Market Ideology’

‘Efficient Market Ideology’

Chapter:
(p.29) 4 ‘Efficient Market Ideology’
Source:
Artmaking in the Age of Global Capitalism
Author(s):

Jan Bryant

Publisher:
Edinburgh University Press
DOI:10.3366/edinburgh/9781474456944.003.0005

This chapter delves into the economic ideologies that were promoted by Milton Friedman and the Chicago School in the latter decades of the 20th century. The financial imperative of the period was based on a false logic: that wealth will trickle down from the very wealthy to eventually advantage all of society. This has led instead to greater inequality between the wealthy and the poor. It has also resulted in the weakening of unionism and precarious working conditions driven by a trend in casualisation. A response to the intensifying effects of capitalism, Guy Debord and the situationists repeatedly updated their ‘spectacle theory’ over many decades, which also included their theory of ‘recuperation’ to address the resilience of capitalism. Various Post War art movements tried to defeat recuperation of their work by the market, but eventually deciding that it was a fruitless enterprise (Ian Burn). If today, all areas of political, social and cultural life are valued only in relation to a financial return, then for art to function as an effective critical political aesthetic today, the economic context needs to be placed under scrutiny. [184]

Keywords:   Chicago School, Economics, Trickle-down theory, Guy Debord, The spectacle, Recuperation, Ian Burn

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