The key aim of this article is to reassess the societal consequences of the adoption of neo-liberal policies, post-1970, in the light of the writings of Adam Smith. We make two main points: First, the neo-liberal paradigm (NLP) and its characteristics are not the creation of Adam Smith as asserted by leading economists and, indeed, the contrary is very much the case. Second, given this, what does Adam Smith’s work tell us about how we can fix modern-day capitalism broken by the NLP and bring it back in line with Smith’s work?

Financialisation is now an emerging field of research. Recently, the field has attracted criticism for its focus on large-scale economic processes, such as profit accumulation based not on production, but on a diversification of financial risk management tools – a focus which ignores the way in which individuals and households experience financialisation in everyday life. In addressing this gap, theorists have sought to understand financialisation as it relates to individuals as consumers and investors, increasing their need to integrate financial calculation into daily life. This article takes the analysis two steps further. First, it argues that precarious work is actually an aspect of financialisation, based on risk-shifting by employing organisations – a process of structural change in the labour market that actually undermines individual workers’ capacity to manage financial risk successfully. Second, it argues that financialisation is an ideology or narrative of individual responsibility, which seeks to legitimate structural change by promising emancipation through individual calculation. It draws on interviews with precarious workers to explore the gap between such norms of financial self-determination and the lived experience of insecure employment. It identifies this paradox of precariousness by focusing on people in professional occupations, who in theory are best placed to successfully negotiate economic change.

Union renewal has been the subject of debate over the last two decades. Via a review of these debates, a revision of the union renewal thesis is presented, suggesting that union renewal should be examined as a process of transition. Three analytic dimensions of renewal are identified and presented, each arising out of a consideration of the debates: union organisation, union capacity and union purpose. The proposition is that an understanding of contemporary unionism involves a consideration of the ways renewal involves a multi-faceted transition in relation to the political economy of trade unionism. The way to understand this characterisation is to reconsider theories about unions in terms of a dialectic, addressing the inter-relationships and integration of union organisation, capacities and purpose.

Trends in Eastern Europe, with particular emphasis on Poland, are used in this article to analyse offshoring as a form of social dumping. Neoliberalisation and globalisation generate and utilise the mobility of both capital and labour. Meanwhile, labour migration is presenting a challenge to the observance of labour rights. Present-day methods of capital accumulation rely on the search for cheap labour and the relocation of production to territories that do not protect workers’ rights. Effective defence of labour rights must take place at the transnational level, where most capital is generated. Trade unions need to cross national borders in order to move social activity into this area. The defence of workers’ rights must go hand in hand with the struggle against nationalism and racist prejudices. In this context, migrant workers become one of the main potential driving forces of the modern global proletariat.

Major transformations in the organisation of labour are having a profound effect on the moral character of the labour-capital contract. Using two small case studies undertaken in Singapore as a starting point, this article reflects on the moral economies of supply chain capitalism. Detailing examples of the human impacts of down-sourcing risk through ‘flexible’ modes of transnational employment, it analyses the strategies whereby firms and governments distance themselves from these consequences. Precarious forms of employment based on pyramid subcontracting arrangements allow a disruption of the moral relation (however tenuous) that is present in traditional face-to-face employment arrangements. The article explores four strategies of moral detachment on the part of the employers, contractors and brokers in the supply chain.

Despite its greatly weakened condition, could organised labour again be counter-hegemonic to and ultimately transformative of capitalism? Or is the current crisis, a crisis of collapse of manufacturing and wages and under-consumption due to the loss of redistributive power by key socio-political agents, possibly the final crisis of unionism, as argued by Wolfgang Streeck? Some on the political left, such as Streeck, argue that a new phase has been reached where redistributive and oppositional power of organised labour has been not just defeated but destroyed, with enormous consequences for the future of workers and capitalism itself. This article rejects such an overly pessimistic interpretation and asks what the possibility is of the labour movement’s again playing its historic role of transforming capitalism. It explores the potential role of organised labour in re-embedding the economy within democratic society, as Karl Polanyi argued, and building a socio-economic structure that is both stable and enhancing of social and environmental health. This problem is approached through a critique of the theories of Polanyi and Streeck and an examination of the unfortunate embrace of labourism and accommodation to neo-liberalism in the Australian labour movement.

Understanding young people’s employment experiences and transitions gives a greater appreciation of the nature of precarious work. Drawing on interview data with 30 participants from research conducted in 2011–2012, this article examines young people’s experiences of employment in the Illawarra region of New South Wales, Australia. Levels of unemployment and under-employment above the national average reflect two decades of globalised restructuring of the steel, coal and manufacturing industries which, together with agriculture, have historically been the region’s economic base. The growth of service and knowledge industries has been accompanied by new, ‘atypical’ or insecure work patterns. The interview data indicate that young people’s diverse experiences of transition and choice in leaving school, commencing training or further education, and entering the labour market are accompanied by a range of understandings of employment and precarious work. These experiences highlight the difficulties, divisions and contradictions in a changing regional labour market and suggest how the ideologies and practices of neo-liberalism shape and are embedded in regional labour markets and precarious work more generally.

This article maps the major changes taking place in academic work within the broader context of the neoliberalisation of universities. Recognising the great variability in the form and pace of neoliberalisation across institutions and national contexts, the article identifies a set of features and indicators to aid in the comparative assessment of the extent and effect of neoliberal processes at different institutions. The authors use conceptual tools from labour process theory to highlight the ways that neoliberalisation has resulted in academic work that is fragmented, deskilled, intensified, and made subject to greater levels of surveillance, hierarchy, and precarity. In doing so, the authors also demonstrate the importance of combining political economy and Foucauldian approaches to neoliberalism, to highlight the way that external structural conditions and subjective processes combine to create new labour processes to which participants find themselves consenting and actively reproducing.

This article examines trends in social disadvantage in Australia over the decade to 2018 using two approaches: a monetary approach using poverty and a living standards approach using deprivation. We compare the two approaches, highlight their implications and assess whether the evidence produced by each is consistent with trickle-down effects. The estimates allow for variations in thresholds, the treatment of housing costs and relative and absolute measures. The findings indicate an overall decline in poverty that is dependent on the treatment of housing costs and a more consistent decline in deprivation but with little or no improvement for many experiencing poverty or deprivation. Poverty and deprivation among unemployed households were above those for people in other labour force states throughout the period and while these differentials have narrowed, the findings suggest that trickle-down effects did not reach many of those highly disadvantaged or are subject to long delays.