The Crisis of Neoliberalism

Gérard Duménil; Gérard Duménil; Dominique Lévy

Published by Harvard University Press 2013

The Crisis of Neoliberalism

Gérard Duménil , Gérard Duménil and Dominique Lévy

https://doi.org/10.4159/harvard.9780674059306

Overview
Contents

About this book

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.

Author / Editor information

Duménil Gérard :

Gérard Duménil is a Director of Research at the Centre National de la Recherche Scientifique, Paris.Lévy Dominique :

Dominique Lévy is a Director of Research at the Centre National de la Recherche Scientifique, Paris.

Topics

Frontmatter Publicly Available Download PDF	i
Contents Publicly Available Download PDF	v
Introduction Requires Authentication Unlicensed Licensed Download PDF	1
PART I. The Strategy of the U.S. Upper Classes in Neoliberalism: The Success and Failure of a Bold Endeavor Requires Authentication Unlicensed Licensed Download PDF	5
PART II. The Second Reign of Finance: Classes and Financial Institutions Requires Authentication Unlicensed Licensed Download PDF	43
PART III. A Tripolar Class Confi guration: Breaking Wage- Earning Homogeneity Requires Authentication Unlicensed Licensed Download PDF	71
PART IV. Financialization and Globalization: Lifting Barriers – Losing Control Requires Authentication Unlicensed Licensed Download PDF	99
PART V. Neoliberal Trends: The U.S. Macro Trajectory Requires Authentication Unlicensed Licensed Download PDF	141
PART VI. From the Housing Boom to the Financial Crisis: U.S. Macroeconomics aft er 2000 Requires Authentication Unlicensed Licensed Download PDF	171
PART VII. Financial Crisis: Storm in the Center – Global Capitalism Shaken Requires Authentication Unlicensed Licensed Download PDF	205
PART VIII. The Shadow of the Great Depression: Difficult Transitions Requires Authentication Unlicensed Licensed Download PDF	265
PART IX. A New Social and Global Order: Th e Economics and Politics of the Postcrisis Requires Authentication Unlicensed Licensed Download PDF	295
APPENDIX A. The Dynamics of Imbalance: A Model Requires Authentication Unlicensed Licensed Download PDF	339
APPENDIX B. Sources Requires Authentication Unlicensed Licensed Download PDF	345
APPENDIX C. Acronyms Requires Authentication Unlicensed Licensed Download PDF	351
Notes Requires Authentication Unlicensed Licensed Download PDF	353
Index Requires Authentication Unlicensed Licensed Download PDF	369

Language: English
Publisher: Harvard University Press
Audience: Professional and scholarly;
Pages
- Main content: 400
Illustrations
- Other: 76 line illustrations, 6 charts, 21 tables

eBook

Published: January 15, 2011
ISBN: 9780674059306