The Crisis of Neoliberalism / Gérard Duménil, Gérard Duménil, Dominique Lévy.

Format:

Book

Author/Creator:

Duménil, Gérard, author.

Lévy, Dominique, author.

Language:

English

Subjects (All):

Global Financial Crisis, 2008-2009.

Neoliberalism--United States.

Neoliberalism.

Capitalism--United States.

Capitalism.

Physical Description:

1 online resource (vi, 391 p. ) ill. ;

Edition:

1st ed.

Place of Publication:

Cambridge, MA : Harvard University Press, [2011]

Language Note:

English

Summary:

This book examines "the great contraction" of 2007-2010 within the context of the neoliberal globalization that began in the early 1980s. This new phase of capitalism greatly enriched the top 5 percent of Americans, including capitalists and financial managers, but at a significant cost to the country as a whole. Declining domestic investment in manufacturing, unsustainable household debt, rising dependence on imports and financing, and the growth of a fragile and unwieldy global financial structure threaten the strength of the dollar. Unless these trends are reversed, the authors predict, the U.S. economy will face sharp decline. Summarizing a large amount of troubling data, the authors show that manufacturing has declined from 40 percent of GDP to under 10 percent in thirty years. Since consumption drives the American economy and since manufactured goods comprise the largest share of consumer purchases, clearly we will not be able to sustain the accumulating trade deficits. Rather than blame individuals, such as Greenspan or Bernanke, the authors focus on larger forces. Repairing the breach in our economy will require limits on free trade and the free international movement of capital; policies aimed at improving education, research, and infrastructure; reindustrialization; and the taxation of higher incomes.

Contents:

Frontmatter

Contents

Introduction

PART I. The Strategy of the U.S. Upper Classes in Neoliberalism: The Success and Failure of a Bold Endeavor

PART II. The Second Reign of Finance: Classes and Financial Institutions

PART III. A Tripolar Class Confi guration: Breaking Wage- Earning Homogeneity

PART IV. Financialization and Globalization: Lifting Barriers - Losing Control

PART V. Neoliberal Trends: The U.S. Macro Trajectory

PART VI. From the Housing Boom to the Financial Crisis: U.S. Macroeconomics aft er 2000

PART VII. Financial Crisis: Storm in the Center - Global Capitalism Shaken

PART VIII. The Shadow of the Great Depression: Difficult Transitions

PART IX. A New Social and Global Order: Th e Economics and Politics of the Postcrisis

APPENDIX A. The Dynamics of Imbalance: A Model

APPENDIX B. Sources

APPENDIX C. Acronyms

Notes

Index

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 08. Jul 2019)

Description based on publisher supplied metadata and other sources.

ISBN:

0-674-05930-1

OCLC:

890044431