Rethinking neoliberalism after the Polanyian turn

The last two decades have seen an explosion of writings about neoliberalism insisting on the role of the state as a key architect of market dynamics. Drawing substantially from the work of Karl Polanyi, this literature has emphasised in various ways the socially constructed nature of neoliberalism. But as I argue, conceptual flaws in Polanyi’s conception of 19th liberal governance have helped perpetuate an ongoing reliance on the notion of the Market despite the recognition that there is no such thing as a self-regulated Market. Criticising the turn to Polanyi, I show how this has directed our gaze towards the rhetorical claims of neoliberal governance, at the expense of a reflection on its institutional features. The article then suggests avenues for reconfiguring the study of neoliberalism without recourse to the problematic notion of the Market.