By Susanne Soederberg
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Extra info for Global Governance in Question: Empire, Class, and the New Common Sense in Managing North-South Relations
TOWARDS AN HISTORICAL-MATERIALIST UNDERSTANDING OF GLOBAL ECONOMIC GOVERNANCE Beyond the common sense of global economic governance: neoliberalism in crisis? Before addressing the two main components of our analytical frame, it is helpful to explain briefly the neo-Gramscian notion of ‘common sense’, and how it relates to our analysis. For Gramsci, common sense is not something permanent and immobile, but constantly transforms itself as ‘ideology’ and ‘actual social experience’ enter into confrontation (Showstack Sassoon, 1980; Gramsci, 1971; Cox, 1987).
The mammoth size of financial markets in relation to the so-called real economy (the production and trade of goods and services), rising levels of unemployment, and the numerous and creative attempts by retailers to off-load items by deferring payments or the principal sum of the goods (or both) are hallmarks of a crisis of overaccumulation. If system-wide devaluations of capital and labourpower are not to follow, then restructuring strategies must be found to absorb these surpluses. David Harvey suggests that restructuring strategies have tended historically to take two basic forms, reflecting what he refers to as spatial and temporal fixes, or a combination of the two – ‘spatio-temporal fixes’.
Occurring in Western Europe roughly between the sixteenth and early nineteenth centuries, primitive accumulation took place by predation, fraud, and violence, which forced peasants from the land and made them dependent on wage-labour primarily in the cities (Marx, 1990, Part 8; cf. Perelman, 2000). Although primitive accumulation was generally completed in Western Europe and North America in the nineteenth century, it is still an ongoing trend in many areas of the Third World. 7 Soederberg 01 chap01 40 21/12/05 12:38:19 Towards an Historical-Materialist Critique of Global Governance 41 Crisis and restructuring in global capitalism Given the highly conflictual nature of the unequal and exploitative relations that comprise capitalist society, crises are an inherent feature of capital accumulation.
Global Governance in Question: Empire, Class, and the New Common Sense in Managing North-South Relations by Susanne Soederberg