Is it too early to engage in a bit of schadenfreude? The rest of the world seems to be over the false promises of Neo-Liberalism, and are in the grip of The Rebellion Against The Elites e. g. The Brexit and the election of Caudillo Donald Trump. Although the possible election, in France, of ‘speed’ and ‘shock’ Thatcherite Fillon, seems to indicate that the siren call of the unfettered ‘Free Market’ is still ‘marketable’, given an almost charismatic front man. The sacrifice of JPMorgan alum Mr Prat-Gay just seems like what the Party Regulars might call a ‘shaking out process’, the ‘fine tuning’of the Macri ‘economic recovery’, after ending their economic servitude to the Vulture Capitalist Paul Singer. Yet Wolfgang Streeck offers some valuable insights on the self-destructive character of Capitalism:
Capitalism as we know it has benefited greatly from the rise of countermovements against the rule of profit and of the market. Socialism and trade unionism, by putting a brake on commodification, prevented capitalism from destroying its non-capitalist foundations—trust, good faith, altruism, solidarity within families and communities, and the like. Under Keynesianism and Fordism, capitalism’s more or less loyal opposition secured and helped stabilize aggregate demand, especially in recessions. Where circumstances were favourable, working-class organization even served as a ‘productivity whip’, by forcing capital to embark on more advanced production concepts. It is in this sense that Geoffrey Hodgson has argued that capitalism can survive only as long as it is not completely capitalist—as it has not yet rid itself, or the society in which it resides, of ‘necessary impurities’.  Seen this way, capitalism’s defeat of its opposition may actually have been a Pyrrhic victory, freeing it from countervailing powers which, while sometimes inconvenient, had in fact supported it. Could it be that victorious capitalism has become its own worst enemy?
Many readers will find Mr. Streeck’s revisionist Marxism inhospitable, yet the reader not trapped in her/his own political/economic myopia, might use his insights to access the Macri Program, within the wider question of the what and the how of that ‘economic recovery’. Can the failure of Neo-Liberalism in Europe and America be a valuable object lesson for Macri and his reformers?