Neoliberalism survives because speculation never stood outside it as a counterforce

Evidence

Konings’s (2018) criticism, for example, focuses on the state’s inherent deep endorsement of speculative finance (e.g., through its role as guarantor of major banks) in a way that serves to sustain neoliberalism. As he emphasizes, “the Polanyian countermovement” fails to materialize, as neoliberalism manages to “suspend its contra­ dictions and to defer its demise” (127). Konings points here to the inherent overlap of passions and interests in the constitution of neoliberalism. The policy implications of this view are that financial markets and their governance do not have to be reembedded, for they should not be considered disembedded in the first place. — Aris Komporozos-Athanasiou, Speculative Communities, 688

Categorization

• XREF: Reverses the Polanyian double-movement frame the reader has been tracking through this chapter; ties into the reader’s own argument that finance reshapes imagination rather than suffering re-embedding. — connects to: Crises have not discredited neoliberal governance — Wendy Brown, Undoing the Demos: Neoliberalism’s…, 749
• SEED: Possible article angle: why no genuine countermovement to financialization has formed — because markets were never disembedded, only re-passioned.

Broader Connections

• Crises have not discredited neoliberal governance #expands (0.80) — Wendy Brown, Undoing the Demos, 749