Even though commodification is a quasi-natural tendency of capitalist economies, the extent of commodification can vary over time, depending, among other things, on government intervention. In the last three decades, neoliberal reforms have fueled (re-)commodification. This chapter looks at six major policies: privatization, liberalization, deregulation, marketization, New Public Management, and austerity. Privatization promotes commodification by abolishing non-commodified alternatives to the sale of goods and services. Liberalization fuels commodification by exposing producers to competition and by forcing them to make profits. Deregulation eliminates restrictions that in one way or another limit commodification. Marketization creates markets in economic and social spheres where no markets have existed before, while New Public Management promotes metric output measurements that closely resemble what, in the private economy, are market values. Austerity and related cuts in welfare expenditure drive re-commodification by making citizens more dependent on markets and on private alternatives to the welfare state.
Woe to the vanquished? State, ‘foreign’ banking and financial development in Southern Italy in the nineteenth century
