The financial crisis seemed to present a fundamental challenge to neo liberalism, the body of ideas that have constituted the political orthodoxy of most advanced economies in recent decades. Colin Crouch argues in this book that it will shrug off this challenge. The reason is that while neo liberalism seems to be about free markets, in practice it is concerned with the dominance over public life of the giant corporation. This has been intensified, not checked, by the recent financial crisis and acceptance that certain financial corporations are too big to fail'. Although much political debate remains preoccupied with conflicts between the market and the state, the impact of the corporation on both these is today far more important. Several factors have brought us to this situation: The lobbying power of firms whose donations are of growing importance to cash-hungry politicians and parties The weakening of competitive forces by firms large enough to shape and dominate their markets The moral initiative that is grasped by enterprises that devise their own agendas of corporate social responsibility Both democratic politics and the free market are weakened by these processes, but they are largely inevitable and not always malign. Hope for the future, therefore, cannot lie in suppressing them in order to attain either an economy of pure markets or a socialist society. Rather it lies in dragging the giant corporation fully into political controversy.

The financial crisis seemed to present a fundamental challenge toneo liberalism, the body of ideas that have constituted thepolitical orthodoxy of most advanced economies in recent decades.Colin Crouch argues in this book that it will shrug off thischallenge. The reason is that while neo liberalism seems to beabout free markets, in practice it is concerned with the dominanceover public life of the giant corporation. This has beenintensified, not checked, by the recent financial crisis andacceptance that certain financial corporations are 'too bigto fail'. Although much political debate remains preoccupied withconflicts between the market and the state, the impact of thecorporation on both these is today far more important.Several factors have brought us to this situation:* The lobbying power of firms whose donations are of growingimportance to cash-hungry politicians and parties* The weakening of competitive forces by firms large enough toshape and dominate their markets* The moral initiative that is grasped by enterprises that devisetheir own agendas of corporate social responsibilityBoth democratic politics and the free market are weakened bythese processes, but they are largely inevitable and not alwaysmalign. Hope for the future, therefore, cannot lie in suppressingthem in order to attain either an economy of pure markets or asocialist society. Rather it lies in dragging the giant corporationfully into political controversy.

Acknowledgements viPreface viiAbout this Book xi1 The Previous Career of Neoliberalism 12 The Market and Its Limitations 243 The Corporate Takeover of the Market 494 Private Firms and Public Business 715 Privatized Keynesianism: Debt in Place of Discipline 976 From Corporate Political Entanglement to Corporate Social Responsibility 1257 Values and Civil Society 1448 What's Left of What's Right? 162References 181Further Reading 184Index 187