Conceptualizing Neoliberalism: Foundations for an Institutional Marxist Theory of Capitalism

This article argues that the common understanding of neoliberalism as a set of state policies emerges out of the problematic characterization of power within dominant mainstream and critical paradigms. Working from critical realist social theory and Marxian state theory, it presents an alternative theoretical framework to properly account for the complex unfolding of objective history. From this Institutional Marxist perspective, neoliberalism is theorized as a trend in the institutional organization of interlocking state and corporate power.