Hardback
Neoliberalism and the Road to Inequality and Stagnation
A Chronicle Foretold
9781802200072 Edward Elgar Publishing
Tom Palley has made a significant contribution to understanding the meaning and significance of neoliberalism. This chronicle collects some of his best work to explain how global adoption of neoliberal policies over the past thirty years has increased income inequality and created tendencies to stagnation.
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Critical Acclaim
Contents
More Information
Tom Palley has made a significant contribution to understanding the meaning and significance of neoliberalism. This chronicle collects some of his best work to explain how global adoption of neoliberal policies over the past thirty years has increased income inequality and created tendencies to stagnation.
The book explores the impact of neoliberal policies on the US, Europe, and global economy. It shows how the 2008 financial crisis and Great Recession were predictable outcomes of the neoliberal policy experiment, as is the emergence of global ‘race to the bottom’ competition. It also explains how Europe''s economic fragility is connected to the neoliberal design of the euro. Neoliberalism creates a particular variety of capitalism. It is a political choice. That means society is tacitly engaged in a ‘war of ideas’, the outcome of which will determine our future political economic trajectory.
Students, scholars, and readers in economics and political science will find this rich collection illuminating in their efforts to better understand the policy matrix that currently dominates the political landscape.
The book explores the impact of neoliberal policies on the US, Europe, and global economy. It shows how the 2008 financial crisis and Great Recession were predictable outcomes of the neoliberal policy experiment, as is the emergence of global ‘race to the bottom’ competition. It also explains how Europe''s economic fragility is connected to the neoliberal design of the euro. Neoliberalism creates a particular variety of capitalism. It is a political choice. That means society is tacitly engaged in a ‘war of ideas’, the outcome of which will determine our future political economic trajectory.
Students, scholars, and readers in economics and political science will find this rich collection illuminating in their efforts to better understand the policy matrix that currently dominates the political landscape.
Critical Acclaim
‘Tom Palley is a lighthouse – bright, clear, solid and unshakable – in his warnings over many years against the perils of neoclassical economics and neoliberal policy.’
– James K. Galbraith, The University of Texas at Austin, US
– James K. Galbraith, The University of Texas at Austin, US
Contents
Contents:
Preface viii
1 Introduction: Neoliberalism as a Variety of Capitalism 1
PART I THE UNITED STATES
2 ‘Economic Contradictions Coming Home to Roost? Does the U.S. Economy
Face a Long-Term Aggregate Demand Generation Problem?’, Journal of Post
Keynesian Economics, 25 (1), Fall, 2002, 9–32 10
3 ‘The Questionable Legacy of Alan Greenspan’, Challenge, 48 (6), November/
December, 2005, 17–31 34
4 ‘The Fallacy of the Revised Bretton Woods Hypothesis: Why Today’s Global
Financial System is Unsustainable and Suggestions for a Replacement’,
International Journal of Political Economy, 36 (4), Winter, 2007–2008, 36–52 49
5 ‘The U.S. Economy after Bush’, Challenge, 51 (6), November/December, 2008,
26–37 66
6 ‘America’s Exhausted Paradigm: Macroeconomic Causes of the Financial Crisis
and Great Recession’, New School Economic Review, 4 (1), 2010, 15–43 78
7 ‘The US Economy: Explaining Stagnation and Why it Will Persist’, in A. Gallas,
H. Herr, F. Hoffer and C. Scherrer (eds), Combatting Inequality: The Global
North and South, Chapter 8, London: Routledge, 2016, 113–31 107
PART II EUROPE
8 ‘Europe’s Crisis Without End: The Consequences of Neoliberalism’,
Contributions to Political Economy, 32, 2013, 29–50 127
9 ‘The European Monetary Union Needs a Government Banker’, Challenge, 54 (4),
July/August, 2011, 5–21 149
10 ‘Fixing the Euro’s Original Sins: The Monetary–Fiscal Architecture and
Monetary Policy Conduct’, Real-World Economics Review, 81, September, 2017,
1–12 166
PART III THE GLOBAL ECONOMY
11 ‘Capital Mobility and the Threat to American Prosperity’, Challenge, 37 (6),
November/December, 1994, 31, 34–9 179
12 ‘The Free Trade Debate: A Left Keynesian Gaze’, Social Research, 61 (2),
Summer, 1994, 379–94 186
vi Neoliberalism and the Road to Inequality and Stagnation
13 ‘The Economics of Globalization: Problems and Policy Responses’, in Toward
Reducing Unemployment, 5th Plenary Session, Vatican City: Pontifical Academy
of Social Sciences, 1999, 202–216 [originally 185–205] 202
14 ‘Developing the Domestic Market’, Challenge, 49 (6), November/December,
2006, 20–34 217
15 ‘The Rise and Fall of Export-led Growth’, Investigación Económica, LXXI
(280), April–June, 2012, 141–61 232
16 ‘A Labor Perspective on Globalization’, Internationale Politik und Gessellschaft
(International Politics and Society), April, 2009, 22–39 253
17 ‘Labor in the Global Economy: The Globalization Clock’, Dollars & Sense,
May/June, 2006, 12–13. Revised in 2018 and republished as ‘The Globalization
Clock’, Article 7.1 in Real World Globalization, 19th edition, edited by Armağan
Gezici, Elizabeth T. Henderson, Jeannette Mitchell, Jawied Nawabi, and the
Dollars and Sense Collective, Economic Affairs Bureau Inc., December 2020,
177–9 271
PART IV THE WAR OF IDEAS
18 ‘After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy’,
Real-World Economics Review, 49, March, 2009, 22–35 275
19 ‘The War of Ideas: A Comparison of the U.S. and Europe’, with Gustav A. Horn
in Restoring Shared Prosperity: A Policy Agenda From Leading Keynesian
Economists, CreateSpace.com, 2013, 289–93 [originally 7–14] 289
20 ‘Inequality and Stagnation by Policy Design: Mainstream Denialism and its
Dangerous Political Consequences’, Challenge, 62 (2), 2019, 128–43 294
Index
Preface viii
1 Introduction: Neoliberalism as a Variety of Capitalism 1
PART I THE UNITED STATES
2 ‘Economic Contradictions Coming Home to Roost? Does the U.S. Economy
Face a Long-Term Aggregate Demand Generation Problem?’, Journal of Post
Keynesian Economics, 25 (1), Fall, 2002, 9–32 10
3 ‘The Questionable Legacy of Alan Greenspan’, Challenge, 48 (6), November/
December, 2005, 17–31 34
4 ‘The Fallacy of the Revised Bretton Woods Hypothesis: Why Today’s Global
Financial System is Unsustainable and Suggestions for a Replacement’,
International Journal of Political Economy, 36 (4), Winter, 2007–2008, 36–52 49
5 ‘The U.S. Economy after Bush’, Challenge, 51 (6), November/December, 2008,
26–37 66
6 ‘America’s Exhausted Paradigm: Macroeconomic Causes of the Financial Crisis
and Great Recession’, New School Economic Review, 4 (1), 2010, 15–43 78
7 ‘The US Economy: Explaining Stagnation and Why it Will Persist’, in A. Gallas,
H. Herr, F. Hoffer and C. Scherrer (eds), Combatting Inequality: The Global
North and South, Chapter 8, London: Routledge, 2016, 113–31 107
PART II EUROPE
8 ‘Europe’s Crisis Without End: The Consequences of Neoliberalism’,
Contributions to Political Economy, 32, 2013, 29–50 127
9 ‘The European Monetary Union Needs a Government Banker’, Challenge, 54 (4),
July/August, 2011, 5–21 149
10 ‘Fixing the Euro’s Original Sins: The Monetary–Fiscal Architecture and
Monetary Policy Conduct’, Real-World Economics Review, 81, September, 2017,
1–12 166
PART III THE GLOBAL ECONOMY
11 ‘Capital Mobility and the Threat to American Prosperity’, Challenge, 37 (6),
November/December, 1994, 31, 34–9 179
12 ‘The Free Trade Debate: A Left Keynesian Gaze’, Social Research, 61 (2),
Summer, 1994, 379–94 186
vi Neoliberalism and the Road to Inequality and Stagnation
13 ‘The Economics of Globalization: Problems and Policy Responses’, in Toward
Reducing Unemployment, 5th Plenary Session, Vatican City: Pontifical Academy
of Social Sciences, 1999, 202–216 [originally 185–205] 202
14 ‘Developing the Domestic Market’, Challenge, 49 (6), November/December,
2006, 20–34 217
15 ‘The Rise and Fall of Export-led Growth’, Investigación Económica, LXXI
(280), April–June, 2012, 141–61 232
16 ‘A Labor Perspective on Globalization’, Internationale Politik und Gessellschaft
(International Politics and Society), April, 2009, 22–39 253
17 ‘Labor in the Global Economy: The Globalization Clock’, Dollars & Sense,
May/June, 2006, 12–13. Revised in 2018 and republished as ‘The Globalization
Clock’, Article 7.1 in Real World Globalization, 19th edition, edited by Armağan
Gezici, Elizabeth T. Henderson, Jeannette Mitchell, Jawied Nawabi, and the
Dollars and Sense Collective, Economic Affairs Bureau Inc., December 2020,
177–9 271
PART IV THE WAR OF IDEAS
18 ‘After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy’,
Real-World Economics Review, 49, March, 2009, 22–35 275
19 ‘The War of Ideas: A Comparison of the U.S. and Europe’, with Gustav A. Horn
in Restoring Shared Prosperity: A Policy Agenda From Leading Keynesian
Economists, CreateSpace.com, 2013, 289–93 [originally 7–14] 289
20 ‘Inequality and Stagnation by Policy Design: Mainstream Denialism and its
Dangerous Political Consequences’, Challenge, 62 (2), 2019, 128–43 294
Index
