Transnational neoliberalism in organic crisis

The transnational neoliberal order (with its national and global dimensions) is in crisis. The global financial crisis first exposed this crisis, but capital was able to restore its power temporarily. The resilience of neoliberalism in this period is explained by reference to the institutional ensemble that fortified the neoliberal order, and to the transformation of the dynamics of global capital accumulation from Fordism organized in international production networks to flexible accumulation organized in global value chains. However, the ongoing further transformation of global accumulation towards AI-controlled informational capitalism undermined the legitimacy and stability of the neoliberal order. Two exogenous shocks (the Covid-19 pandemic and the Russian invasion of Ukraine) further shook that order and exposed the organic crisis of global capitalism that had been brewing for a decade and a half. The chapter shows how Gramsci’s insights on the crisis of hegemony are indispensable for an understanding of these fundamental transformations and their likely trajectory.