By Gérard Duménil, Dominique Lévy
ISBN-10: 0674072243
ISBN-13: 9780674072244
This publication examines “the nice contraction” of 2007–2010 in the context of the neoliberal globalization that begun within the early Eighties. This new part of capitalism tremendously enriched the pinnacle five percentage of american citizens, together with capitalists and monetary managers, yet at an important expense to the rustic as an entire. Declining household funding in production, unsustainable family debt, emerging dependence on imports and financing, and the expansion of a delicate and unwieldy international monetary constitution threaten the energy of the greenback. except those traits are reversed, the authors expect, the U.S. economic system will face sharp decline. Summarizing a large number of troubling facts, the authors express that production has declined from forty percentage of GDP to lower than 10 percentage in thirty years. for the reason that intake drives the yank economic climate and because synthetic items include the biggest percentage of shopper purchases, essentially we won't have the ability to maintain the collecting alternate deficits. instead of blame participants, corresponding to Greenspan or Bernanke, the authors concentrate on better forces. Repairing the breach in our financial system would require limits on unfastened alternate and the loose overseas flow of capital; guidelines geared toward bettering schooling, learn, and infrastructure; reindustrialization; and the taxation of upper earning.
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Additional info for The Crisis of Neoliberalism
Sample text
In contemporary capitalism, there is, however, no equivalent to the strong worker movement of the fi rst decades of the twentieth centu ry. As of 2009, in the Un ited States, the election of Barack Obama raised the opportu n ity for such a social adjustment, t i m idly evocative of the New Deal. But the initiative does not appear to be on the side of the popular classes. Neither a return to a social democratic comprom ise nor a more radical transformation seems to be on the agenda. If the national factor prevails over the continuation of a moderated course of neoliberalism, it seems rather unlikely that it will lead to a new social compromise to the Left as during the postwar comprom ise.
S . domestic econ omy i nvolved, but also the deployment of U. S. capital around the globe, and the dom i n a nce of the t ra nsnationa l corporations of the country. I f a dramatic adj ustment is not performed rapidly and efficiently, the leading position of the Un ited States among the major international powers will dimin ish even more rapidly than suggested by ongoing trends. There is a sharp contrast between the comparative decline of the U. S. domestic economy and the unquestionable success of the strategy of the upper classes.
Not only is product ion i n the U. S . domestic econ omy i nvolved, but also the deployment of U. S. capital around the globe, and the dom i n a nce of the t ra nsnationa l corporations of the country. I f a dramatic adj ustment is not performed rapidly and efficiently, the leading position of the Un ited States among the major international powers will dimin ish even more rapidly than suggested by ongoing trends. There is a sharp contrast between the comparative decline of the U. S. domestic economy and the unquestionable success of the strategy of the upper classes.
The Crisis of Neoliberalism by Gérard Duménil, Dominique Lévy
by James
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