Post-Neoliberalism: A New Option

The past few decades have witnessed the rise and dominance of neoliberalism as a prevailing economic and political ideology in Western culture. Neoliberalism, as a hegemonic bloc, is characterised by its emphasis on deregulation, privatisation, and a laissez-faire approach to the economy, and exists as a guide for political and economic decision-making since the 1980s (Lévy et al. 2022). Despite Tony Blair’s claim that the UK is entering an era free of ideology, there is an argument to be made that there isn’t no ideology whatsoever, rather a universal blanket ideology of neoliberalism. As the consequences of this neoliberal paradigm become increasingly evident, from the existence of foodbanks, to the neoliberalisation of language (see phrases such as “I’m investing in myself!”, “this is my personal brand”, or a more personal instance in which a friend described a date they were preparing for as “nearly boardroom ready”). Owing to this, it is perhaps crucial to examine the need for a potentially post-neoliberal alternative in modern British politics, and as such, this essay explores the continued hegemony of neoliberalism within mainstream political parties in the UK and argues that the emergence of a third "post-neoliberal" option is essential to challenge the dominance of neoliberal capitalism and work towards fostering a more equitable society.

Neoliberalism, often attributed to the Thatcher-Reagan era, has underpinned the policies of successive UK governments. This ideological framework prioritises market forces over state intervention, which has led to privatisation of key public services, reduced workers' rights, and increasing wealth inequality. This neoliberal hegemony is not only present within the Conservative Party but also shaped the policies of New Labour and other mainstream parties. Under Tony Blair's leadership, the Labour Party adopted a "Third Way" approach that combined social justice rhetoric with economic pragmatism. While this approach differed from traditional Conservative neoliberalism, it still upheld many neoliberal principles, including market-friendly economic policies and limited regulation, and with this, a neoliberal ideology became political common-sense, shifting arguments away from an alternative to this hegemony. However, with the underlying dissatisfaction with the political world, and the growing surge of the far-right populism, perhaps it is time to explore a post-neoliberal world.

One of the key tenets of neoliberal policy rests on its easing of regulations and limiting state intervention. With the goal of economic competitiveness and attracting private investment, successive governments have frequently loosened labour regulations, creating zero-hour contracts, disarming the strength of unions, and switching to a more computerised, AI-driven workforce, with cutbacks to assistance for those being made redundant. These weakened labour protections have allowed employers to maintain a flexible and cost-effective workforce at the expense of workers rights, job security and pay increases. The destruction of strong labour unions and worker protection firms has led to exploitation, wage stagnation, and poor working conditions. Consequently, this has resulted in a growing income gap between workers and corporate executives, which, according to the Economic Policy Institute (EPI), has peaked at a disparity of CEO’s earning 399 times that of typical workers (Bivens and Kandra 2022).

In addition, the focus on more market-friendly economic policies under neoliberal regimes have fostered an environment in which wealth accumulation primarily benefits the upper echelons of society, as seen above with the wealth disparity. These policies often manifest as tax cuts for the wealthy while reducing social spending on welfare, education, and healthcare. This has exacerbated wealth inequality, with top earners benefitting the most while the working classes are left to pay more for less.

As the consequences of neoliberalism have become more pronounced, the need for a post-neoliberal alternative has become increasingly apparent. The current neoliberal framework has contributed to growing income inequality, austerity measures, and a lack of robust social assistance systems, as evidenced by the underfunding of the NHS, as well as the privatisation of public services such as water, gas, rail and electric, with owners aiming to prioritise profit above all else, at the expense of those dependent on these critical services. It has also fueled ecological degradation and failed to address pressing issues such as climate change and environmental sustainability. Mega Corporations will, above all else, focus on making money over providing good service. When one examines the cost-of-living crisis (a phrase that, when paid attention to, and analysed, becomes worrisome: at this point in late capitalism, there is a crisis of that fact that merely existing is becoming too expensive), and the profits most Mega Corporations have made whilst people choose between heating or eating is exemplary of this. In light of these challenges, there is growing demand for a political alternative that recognises the limitations of neoliberalism. This is, according to Slavoj Zizek, the reason far-right populist movements that are emerging at present need to blame minorities and various institutions or groups for the failures of society in the hope it will cover up the failures of capitalism (Zizek 1990).

If then, using this as a basis, one were to present a post-neoliberal agenda, avoiding the trap of blaming minorities, institutions and out-groups, the aim would be to address the fundamental flaws of capitalism as they manifest under neoliberalism. This would include measures to curb wealth inequality, strengthen workers' rights, and prioritise social welfare and environmental sustainability. At an introductory glance, it is clear that a post-neoliberal party in the UK would need to adopt the following key principles:

Wealth Redistribution: A post-neoliberal party should advocate for progressive taxation and policies that address wealth inequality by redistributing resources to benefit the broader population.

Strengthened Workers' Rights: Protecting workers' rights and improving working conditions should be at the forefront of a post-neoliberal agenda. This can include increasing the minimum wage, supporting unions, and ensuring job security.

Public Services: Commitment to public services, including education, healthcare, and social welfare, should be unwavering. Reversing the privatisation of these services and ensuring their accessibility to all is vital.

Environmental Sustainability: A post-neoliberal party should prioritise a sustainable and responsible approach to environmental issues, such as climate change, deforestation, and pollution, emphasising a transition to green and clean energy sources.

Global Solidarity: An anti-neoliberal party should advocate for a more equitable global order, supporting fair trade practices and addressing the consequences of globalisation on workers in the UK and worldwide.

The continued dominance of neoliberalism within mainstream UK political parties necessitates the emergence of a post-neoliberal alternative. Whilst this essay has been brief, it serves to highlight the failings in a neoliberal structure, and add to the pool of knowledge that surrounds this topic of a postneoliberal political paradigm. This alternative should challenge the neoliberal framework by prioritising social welfare, addressing income inequality, and advancing a more sustainable and equitable society. By advocating for transformative policies, a post-neoliberal party can offer a genuine alternative to capitalism that resonates with the needs and aspirations of a broader segment of the population. Only through such a paradigm shift can the UK hope to tackle the pressing challenges of the 21st century and build a fairer and more sustainable future. Further research will include a more indepth review of the possibilities of implementing a strategy in the practical sense, as well as conducting qualitative and quantitative research to identify the key areas that a postneoliberal political approach should take and the means in which it would benefit the everyday person.