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The Triumph of Broken Promises - The End of the Cold War and the Rise of Neoliberalism (Hardcover)
Loot Price: R977
Discovery Miles 9 770
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The Triumph of Broken Promises - The End of the Cold War and the Rise of Neoliberalism (Hardcover)
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Total price: R997
Discovery Miles: 9 970
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A powerful case that the economic shocks of the 1970s hastened both
the end of the Cold War and the rise of neoliberalism by forcing
governments to impose austerity on their own people. Why did the
Cold War come to a peaceful end? And why did neoliberal economics
sweep across the world in the late twentieth century? In this
pathbreaking study, Fritz Bartel argues that the answer to these
questions is one and the same. The Cold War began as a competition
between capitalist and communist governments to expand their social
contracts as they raced to deliver their people a better life. But
the economic shocks of the 1970s made promises of better living
untenable on both sides of the Iron Curtain. Energy and financial
markets placed immense pressure on governments to discipline their
social contracts. Rather than make promises, political leaders were
forced to break them. In a sweeping narrative, The Triumph of
Broken Promises tells the story of how the pressure to break
promises spurred the end of the Cold War. In the West,
neoliberalism provided Western leaders like Ronald Reagan and
Margaret Thatcher with the political and ideological tools to shut
down industries, impose austerity, and favor the interests of
capital over labor. But in Eastern Europe, revolutionaries like
Lech Walesa in Poland resisted any attempt at imposing market
discipline. Mikhail Gorbachev tried in vain to reform the Soviet
system, but the necessary changes ultimately presented too great a
challenge. Faced with imposing economic discipline antithetical to
communist ideals, Soviet-style governments found their legitimacy
irreparably damaged. But in the West, politicians could promote
austerity as an antidote to the excesses of ideological opponents,
setting the stage for the rise of the neoliberal global economy.
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