The Rise and Fall of Neoliberal Capitalism / David M. Kotz.

Format:

Book

Author/Creator:

Kotz, David M. (David Michael), 1943- Author.

Language:

English

Subjects (All):

Neoliberalism.

Capitalism.

United States--Economic policy--1945-1960.

United States.

Physical Description:

1 online resource (288 p.)

Place of Publication:

Cambridge, MA : Harvard University Press, [2015]

Language Note:

English

Summary:

The financial and economic collapse that began in the United States in 2008 and spread to the rest of the world continues to burden the global economy. David Kotz, who was one of the few academic economists to predict it, argues that the ongoing economic crisis is not simply the aftermath of financial panic and an unusually severe recession but instead is a structural crisis of neoliberal, or free-market, capitalism. Consequently, continuing stagnation cannot be resolved by policy measures alone. It requires major institutional restructuring. Kotz analyzes the reasons for the rise of free-market ideas, policies, and institutions beginning around 1980. He shows how the neoliberal capitalism that resulted was able to produce a series of long although tepid economic expansions, punctuated by relatively brief recessions, as well as a low rate of inflation. This created the impression of a “Great Moderation.” However, the very same factors that promoted long expansions and low inflation—growing inequality, an increasingly risk-seeking financial sector, and a series of large asset bubbles—were not only objectionable in themselves but also put the economy on an unsustainable trajectory. Kotz interprets the current push for austerity as an attempt to deepen and preserve neoliberal capitalism. However, both economic theory and history suggest that neither austerity measures nor other policy adjustments can bring another period of stable economic expansion. Kotz considers several possible directions of economic restructuring, concluding that significant economic change is likely in the years ahead.

Contents:

Frontmatter

Contents

List of Figures and Tables

Preface

Acknowledgments

1. Introduction

2. What Is Neoliberalism?

3. The Rise of Neoliberal Capitalism

4. How Has Neoliberal Capitalism Worked?

5. Crisis

6. Lessons of History

7. Possible Future Paths

Appendix: Data and Data Sources

Notes

References

Index

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Jun 2020)

ISBN:

9780674967182

0674967186

9780674735880

0674735889

OCLC:

897600492