Neoliberalism makes competition rather than exchange the essence of the market

Evidence

Another difference, underscored by Foucault, is that in neoliberal reason, competition replaces exchange as the market’s root principle and basic good. (As we will see in Chapter 2, Foucault also argues that neoliberal reason formulates competition as normative, rather than natural, and thus requires facilitation and legal support.) This subtle shift from exchange to competition as the essence of the market means that all market actors are rendered as little capitals (rather than as owners, workers, and consumers) competing with, rather than exchanging with each other. Human capital’s constant and ubiquitous aim, whether studying, interning, working, planning retirement, or reinventing itself in a new life, is to entrepreneurialize its endeavors, appreciate its value, and increase its rating or ranking. — Wendy Brown, Undoing the Demos, 59

Categorization

• DEFINE: Sharpens the Brown/Foucault distinction between classical liberalism (exchange) and neoliberalism (competition as normative, needing legal facilitation).
• XREF: connects to: Early neoliberalism distinguished itself from laissez-faire by championing competition.; Competition among platforms produces four systemic tendencies in the economy — Nick Srnicek, Platform Capitalism, 82; Eighties IP rhetoric reframed intellectual property as exclusion over competition — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 198 (+12 more)

Broader Connections

• Neoliberalism distinguishes achievement competition from impediment competition where rivals block market access. #expands (0.88) — Mark Blyth, Austerity, 899
• Neoclassical competition theory masks real coercive market dynamics. #complicates (0.72) — Clara E. Mattei, Escape from Capitalism, 136