The Market Two-Step

It is one of the neoliberal commandments that innovation in markets can always rectify any perceived problems thrown up by markets in the first place. Thus, whenever opponents on the nominal left have sought to ameliorate some perceived political problem through direct regulation or taxation, the Russian doll of the [neoliberal] thought collective quickly roused itself, mobilized to invent and promote some new market device to supposedly achieve the ‘same’ result. But what has often been overlooked is that, once the stipulated market solution becomes established as a live policy option, the very same Russian doll then also rapidly produces a harsh critique of that specific market device, usually along the lines that it insufficiently respects full market efficiency. This seemingly irrational trashing of neoliberal policy device that had earlier been emitted from the bowls of the [neoliberal thought collective] is not evidence of an unfortunate propensity for self-subversion or unfocused rage against government, but instead an amazingly effective tactic for shifting the universe of political possibility further to the right.

Philip Mirowski, Never Let a Serious Crisis Go to Waste