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Showing posts with the label "great recession"
End of the Neoliberal Era? I have selected some key points in an article by David Kotz. [I]f accumulation and profit rates have not been stellar, in some respects neoliberalism was much better for capital than the previous economic regime, in directing a far greater flow of wealth to the capitalist class. By  2010, neoliberalism had returned in the guise of austerity policy. The misery and insecurity of the Great Recession helped to fuel unexpected political developments— a rise of right-wing nationalism and renewed support for some kind of ‘democratic socialism’.  The current structural crisis has taken the form of stubborn stagnation despite unprecedented monetary stimulus, with slow economic growth, a low rate of capital accumulation, stagnating real wages and worsening economic insecurity for working people— conditions that have helped to produce new political polarizations. The main features of post-war [WWII] capitalism in the advanced economies are well known. The sta

The Great Recession: 2007-2017

“I know of no form of economic organisation based on the division of labour ( he refers to the Smithian view of a capitalist economy) , from unfettered laisser-faire to oppressive central planning that has succeeded in achieving both maximum sustainable economic growth and permanent stability.  Central planning certainly failed and I strongly doubt that stability is achievable in capitalist economies, given the always turbulent competitive markets continuously being drawn toward but never quite achieving equilibrium” .  He went on,  “unless there is a societal choice to abandon dynamic markets and leverage for some form of central planning, I fear that preventing bubbles will in the end turn out to be infeasible.  Assuaging the aftermath is all we can hope for.”  — the head of the Federal Reserve Bank (US) Alan Greenspan My comment: you know in life there are only two options. Yes, that how the global bourgeois ideology has made most of us believe.  "Central planning" or