Capitalism as a social movement: the corporate and neoliberal reconstructions of the American political economy in the twentieth century

This paper examines the ways in which social movements based among leading capitalists have remade the US political economy. In the first part we examine the period from the late 1880s through the 1920s, sketching the emergence of a hegemonic movement that accomplished the re-embedding of capitalist social relations during the corporate reconstruction of American capitalism. In the second, we examine the disembedding of capitalist relations during the contemporary neoliberal era. The paper makes three major arguments. First, capitalists not just subaltern groups resort to collective action outside of institutional channels of authority and power. Second, during organic crises the movements of capitalists will join with movements of subaltern groups to create hegemonic projects, whose disparate supporters are articulated by discourses. Third, the concept of ‘social movement’ itself should be understood as a constituent part of a larger social formation and not sealed off from features of capitalism and the state. Indeed, hegemonic social movements have reconstructed the larger landscape that social movement theory normally takes for granted as a background. In applying this approach to the contested topic of neoliberalism, we argue that it was not primarily a class-based coup, a policy, ideology, or culture shift but a discourse that united elements of the left and the right as well as a ‘historic bloc’ with homes in both major parties. During both periods subaltern groups played an important role in the hegemonic movements that created corporate capitalism and later neoliberalism.