ARTICLES aspects of both neo-liberalism and of eastern European transition.Re- structuring in eastern Europe has provided a good accumulation in neo- liberal times:privatization of state services,conditionality of social assistance,reduction of the role of government in social bargaining, market-based monetary policy(for example World Bank et al.,1990;IMF Annual Report,1991:25-9).Furthermore,the transition in eastern Europe has also brought about new institutional meeting points (the ECD's Center for Co-operation with the European Economies in Transition,the IMF's 'European II'department and the World Bank's 'Transition and Macro-Adjustment Division'for example),which can be said to operate as organic intellectuals of neo-liberal restructuring (Bloomestein and Marrese,1991). Thus for open Marxism neo-liberalism is a transcendental project,a broad concept of control overdetermining restructuring in different milieux,and comprehensively shaping the articulation between the transnational process of capital accumulation and transnational politics. International policy-making bodies,public and private,are unrepentant neo-liberal private clubs,states 'a kind of transmission belt for globaliz- ing forces'(Gill et al.,1992:9),and the structures of accumulation hollow vessels filled by hegemonical neo-liberalism.This account of restructur- ing in the world economy as an organized venture both underestimates the partial,hesitant and fragmentary nature of neo-liberalism,and obscures the dynamics of its appearance as a political strategy.Neo- liberalism is not a constituted project implemented in the world econ- omy,a thing that fills structures.As a political reality,neo-liberalism is both a broad strategy of restructuring and a succession of negotiated settlements,of concessions to the rigidities and dynamics of structures, as well as the political possibilities of the moment.The former aspect refers to neo-liberalism as a thing belonging to Thomas Wolfe's Masters of the Universe.This is insightfully captured by open Marxism.As a beginning pregnant with possibilities,however,neo-liberalism escapes the attention of open Marxism. The historical experience of monetary targeting began in the mid-1970s and ended in the beginning of the 1980s with calls from the IMF,the BIS and the G7 for the re-establishment of pluralist and discre- tionary monetary policies.'It reveals both the transnational coherence of neo-liberalism as a starting point of restructuration,and the discrete political adjustments that it harbors.Monetarism appeared as a constella- tion of national events of different durations and varying success.In England,practical monetarism was successively defined by different milestones:the pound's devaluation crisis of 1967,the BIS loan of 1976, the slide of sterling in the fall of 1976,the stand-by agreement of January 1977.The 'two years rule'of the IMF defined a monetarist agenda for the Labour government,and announced the steadfast monetarist course of 116 This content downloaded from 202.120.14.129 on Mon,01 Feb 2016 23:51:55 UTC All use subject to JSTOR Terms and ConditionsARTICLES aspects of both neo-liberalism and of eastern European transition. Re￾structuring in eastern Europe has provided a good accumulation in neo￾liberal times: privatization of state services, conditionality of social assistance, reduction of the role of government in social bargaining, market-based monetary policy (for example World Bank et al., 1990; IMF Annual Report, 1991: 25-9). Furthermore, the transition in eastern Europe has also brought about new institutional meeting points (the OECD's Center for Co-operation with the European Economies in Transition, the IMF's 'European II' department and the World Bank's 'Transition and Macro-Adjustment Division' for example), which can be said to operate as organic intellectuals of neo-liberal restructuring (Bloomestein and Marrese, 1991). Thus for open Marxism neo-liberalism is a transcendental project, a broad concept of control overdetermining restructuring in different milieux, and comprehensively shaping the articulation between the transnational process of capital accumulation and transnational politics. International policy-making bodies, public and private, are unrepentant neo-liberal private clubs, states 'a kind of transmission belt for globaliz￾ing forces' (Gill et al., 1992: 9), and the structures of accumulation hollow vessels filled by hegemonical neo-liberalism. This account of restructur￾ing in the world economy as an organized venture both underestimates the partial, hesitant and fragmentary nature of neo-liberalism, and obscures the dynamics of its appearance as a political strategy. Neo￾liberalism is not a constituted project implemented in the world econ￾omy, a thing that fills structures. As a political reality, neo-liberalism is both a broad strategy of restructuring and a succession of negotiated settlements, of concessions to the rigidities and dynamics of structures, as well as the political possibilities of the moment. The former aspect refers to neo-liberalism as a thing belonging to Thomas Wolfe's Masters of the Universe. This is insightfully captured by open Marxism. As a beginning pregnant with possibilities, however, neo-liberalism escapes the attention of open Marxism. The historical experience of monetary targeting began in the mid-1970s and ended in the beginning of the 1980s with calls from the IMF, the BIS and the G7 for the re-establishment of pluralist and discre￾tionary monetary policies.9 It reveals both the transnational coherence of neo-liberalism as a starting point of restructuration, and the discrete political adjustments that it harbors. Monetarism appeared as a constella￾tion of national events of different durations and varying success. In England, practical monetarism was successively defined by different milestones: the pound's devaluation crisis of 1967, the BIS loan of 1976, the slide of sterling in the fall of 1976, the stand-by agreement of January 1977. The 'two years rule' of the IMF defined a monetarist agenda for the Labour government, and announced the steadfast monetarist course of 116 This content downloaded from 202.120.14.129 on Mon, 01 Feb 2016 23:51:55 UTC All use subject to JSTOR Terms and Conditions