Capitalist Realism: Is there no alternative?

After the bank bail-outs neoliberalism has, in every sense, been discredited. That is not to say that neoliberalism has disappeared overnight; on the contrary, its assumptions continue to dominate political economy, but they do so now no longer as part of an ideological project that has a confident forward momentum, but as inertial, undead defaults

With its ceaseless boom and bust cycles, capitalism is itself fundamentally and irreducibly bi-polar, periodically lurching between hyped-up mania (the irrational exuberance of ‘bubble thinking’) and depressive come-down. (The term ‘economic depression’ is no accident, of course).

Since it is now clear that a certain amount of stability is necessary for cultural vibrancy, the question to be asked is: how can this stability be provided, and by what agencies?

it is a mistake to rush to impose the individual ethical responsibility that the corporate structure deflects. This is the temptation of the ethical which, as Žižek has argued, the capitalist system is using in order to protect itself in the wake of the credit crisis – the blame will be put on supposedly pathological individuals, those ‘abusing the

The fantasy being that western consumerism, far from being intrinsically implicated in systemic global inequalities, could itself solve them. All we have to do is buy the right products.

In capitalism, that is to say, all that is solid melts into PR, and late capitalism is defined at least as much by this ubiquitous tendency towards PR-production as it is by the imposition of market mechanisms.

Work and life become inseparable. Capital follows you when you dream. Time ceases to be linear, becomes chaotic, broken down into punctiform divisions. As production and distribution are restructured, so are nervous systems. To function effectively as a component of just-in-time production you must develop a capacity to respond to unforeseen events

the affects that predominate in late capitalism are fear and cynicism. These emotions do not inspire bold thinking or entrepreneurial leaps, they breed conformity and the cult of the minimal variation, the turning out of products which very closely resemble those that are already successful.

The long, dark night of the end of history has to be grasped as an enormous opportunity. The very oppressive pervasiveness of capitalist realism means that even glimmers of alternative political and economic possibilities can have a disproportionately great effect. The tiniest event can tear a hole in the grey curtain of reaction which has marked t