The Myth of Postmodernity

Abstract

In this paper the claim that the advanced market economies have entered a new era of postmodernity (or a postmodern turn) is critically assessed and found to be unjustified by the changes at the economic, political, cultural, or scientific and theoretical levels of the last quarter of a century or so. These changes in no way reflect a kind of break with the past, similar to the one marking the transition from the 'traditional' society to modernity. It is therefore argued that advanced market economies, following the collapse of liberal modernity in the 19th century and that of statist modernity (in both its versions of social democracy and Soviet statism) in the 20th century, have in fact entered a new form of modernity that we may call neoliberal modernity , rather than a postmodernity. Neoliberal modernity represents a synthesis of the previous forms of modernity and at the same time completes the process which began with the institutionalisation of the market economy and representative 'democracy' that...