Everything Old is “Neo” Again

Abstract

This article sets out the contours of a Marxist hermeneutic approach to political economy. It begins by outlining how such a critique of political economy would function, with a particular emphasis on approaches which understand the discipline of economics as theory. It further claims that critique is over-reliant on the concept neoliberalism; that the categories proper to economic critique are value, time and space and that the innovation of a hermeneutic approach would be to reintroduce a sphere for antagonism through the analysis of the relationship of economic theory to value. To substantiate this argument, I offer an analysis of some important trends in recent scholarship on neoliberalism, notably the regulation school and the work of Wendy Brown. The article concludes by arguing that a reorientation towards value is timely and necessary, given the serious global recession precipitated by the Coronavirus and the economic reorganisation which will ensue.