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Managing the discontent of the losers

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  • Mark Setterfield

Abstract

During the 1990s, social structure of accumulation (SSA) theorists identified the solidification of a neoliberal SSA that included a capital-citizen accord based on ‘managing the discontent of the losers’. This created social stability by reconciling working households to material hardships emanating from the neoliberal labour market by means of either coercion or non-economic distraction. This paper argues that there was, in fact, a material basis to the neoliberal capital-citizen accord, including the ability of households to accumulate debt in order to limit the growth of consumption inequality arising from burgeoning income inequality. The material basis of the capital-citizen accord broke down during the financial crisis of 2007–2009, destabilizing the accord itself. The result is that the neoliberal SSA is now threatened by rising populism. The outcomes of this process are highly uncertain – a key characteristic of the periods of inter regnum that separate successful SSAs.

Suggested Citation

  • Mark Setterfield, 2020. "Managing the discontent of the losers," Review of Social Economy, Taylor & Francis Journals, vol. 78(1), pages 77-97, January.
    • Handle: RePEc:taf:rsocec:v:78:y:2020:i:1:p:77-97
    DOI: 10.1080/00346764.2019.1623908
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    Cited by:

    1. van Netten, Jamie, 2023. "The relationship between inequality and bank credit in Australia," Warwick-Monash Economics Student Papers 54, Warwick Monash Economics Student Papers.
    2. Mark Setterfield, 2024. "Managing the Discontent of the Losers Redux: A Future of Authoritarian Neoliberalism or Social Capitalism?," FMM Working Paper 98-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    3. Mark Setterfield, 2022. "Neoliberalism: An Entrenched but Exhausted Growth Regime," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(79), pages 131-146, May.
    4. Mark Setterfield, 2025. "The COVID pandemic and its aftermath: missed opportunities for avoiding a future of Authoritarian Neoliberalism," Working Papers 2510, New School for Social Research, Department of Economics.

    More about this item

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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