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The Rise and Fall of Neoliberal Capitalism: Book by David M. Kotz

The Rise and Fall of Neoliberal Capitalism

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ISBN: 9780674725652    Publisher: Harvard University Press Year of publishing: 2015     Format:  Hardback No of Pages: 280        Language: English
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...Read more
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."
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Review:
Kotz contrasts neoliberal capitalism (1979 2007) with its predecessor, regulated capitalism (1948 73), in order to explain the development of the financial crisis and subsequent recession that...Read more
Kotz contrasts neoliberal capitalism (1979 2007) with its predecessor, regulated capitalism (1948 73), in order to explain the development of the financial crisis and subsequent recession that began in the U.S. in 2007, which he views as the greatest challenge for neoliberal capitalism to date. His neo-Marxian analysis is set within a historical treatment of U.S. political economy and offers a wealth of institutional comparisons and economic data in its discussion of the unique characteristics of the recent period The goal of the book is to explain how neoliberal institutions gave rise to the financial crisis; while Kotz does not attempt to predict Western capitalism s next institutional form, he offers a number of reasonable and insightful considerations about its possible future directions.--J. Gerber"Choice" (07/01/2015)
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