ABSTRACT
The final chapter discusses what the findings mean for neoliberal theory as it pertains to artisans, the informal sector and entrepreneurs. It challenges some of the assumptions of Adam Smith and, more importantly, how his thinking has been interpreted. The contributions of Hayek, Joseph, Friedman and others are discussed in the light of the findings. The neoliberal analysis only stands up if inherited wealth and power are overlooked, ‘common sense’ and God are preferred over evidence, the producers of knowledge are demonised, concepts are hijacked and redefined, wealth acquisition is confused with wealth creation, and the pursuit of wealth is elevated to a natural goal of humanity. The theory is based on unsustainable assumptions about the motivation of ‘micro-entrepreneurs’. Artisans collaborate as well as compete, but their organisations are subject to elite capture. Their problem is not an over-regulating state – they want the state to do more to support them. A more important problem has been a rapacious financial sector, supported by a neoliberal state that responds to the interests of the wealthy and powerful.
