The advent of economic neoliberalism in the 1980s triggered a shift
in the world economy. In the three decades following World War II,
now considered a golden age of capitalism, economic growth was high
and income inequality decreasing. But in the mid-1970s this social
compact was broken as the world economy entered the stagflation
crisis, following a decline in the profitability of capital. This
crisis opened a new phase of stagnating growth and wages, and
unemployment. Interest rates as well as dividend flows rose, and
income inequality widened.
Economists Gerard Dumenil and Dominique Levy show that, despite
free market platitudes, neoliberalism was a planned effort by
financial interests against the postwar Keynesian compromise. The
cluster of neoliberal policies--including privatization,
liberalization of world trade, and reduction in state welfare
benefits--is an expression of the power of finance in the world
economy.
The sequence of events initiated by neoliberalism was not
unprecedented. In the late nineteenth century, when economic
conditions were similar to those of the 1970s, a structural crisis
led to the first financial hegemony culminating in the speculative
boom of the late 1920s. The authors argue persuasively for
stabilizing the world economy before we run headlong into another
economic disaster.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
Welcome to Loot.co.za!
Sign in / Register |Wishlists & Gift Vouchers |Help | Advanced search
