Tag Archives: Neoliberalism

One of Keynes’s central tenets — in clear contradistinction to the beliefs of mainstream economists — is that there is no strong automatic tendency for economies to move toward full employment levels in monetary economies. Money doesn’t matter in mainstream macroeconomic models. That’s true. But in the real world in which we happen to live, money does certainly matter. Money is not neutral and money matters in both the short run and the long run.... "New Keynesianism" isn't Keynesian. It...

One of the enduring myths that mainstream macroeconomists and the politicians that rely on their lies to depoliticise their own unpopular actions continue to propagate is that of ‘central bank independence’. This is the claim that macroeconomic policy making improved in the ‘neoliberal’ era following the emergence of Monetarism because monetary policy was firmly in the hands of technocratic bankers who were not part of the political cycle. As such, they could make decisions based on...

The last 10 years have seen the collapse of neoliberalism. The question now is, what comes next? For 40 years, we have lived in a neoliberal era, an era defined in public policy by deregulation, liberalization, privatization, and austerity. Starting with the Thatcher and Reagan revolutions, neoliberal ideas spread to capture the center and even the left, ultimately becoming the reigning policy consensus by the mid-1990s.But over the last decade, that neoliberal consensus has collapsed. We...

Western dissatisfaction with globalization is wrongly diagnosed as dissatisfaction with capitalism, when in fact it is the product of the uneven distribution of the gains from globalization.... ProMarket — The blog of the Stigler Center at the University of Chicago Booth School of Business Why There Is No “Crisis of Capitalism” Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic...

I’ve polished off Angus Burgin’s The Great Persuasion, recommended to me by a colleague after Daniel Stedman-Jones’s Masters of the Universecropped up in conversation. I read the latter when it came out in 2012. It made a strong impression on me with its account of the way the creation of the climate of ideas conducive to Thatcherism and Reaganism came about as a conscious long-term project on the part of a number of free market think tanks on both sides of the Atlantic, as well as some...

Capitalism is about capitalizing whatever can be capitalized into an asset on a balance sheet. And it can be said that the creation of these 'assets' is now the focus of modern capitalism. This then defines modern capitalism as a mechanism for rent extraction, and not profit-making. And what that means is that value creation has ceased to be what markets are about. No wonder we are in the end-times for neoliberalism. Tax Research UK Assetisation and the end times of neoliberalismRichard...

How not be to taken over by the Empire. Although Michael Hudson doesn't mention in this post, this is a goal of the trade war as well as the economic war that the US is waging worldwide to cement permanent US global hegemony.Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismNote to China Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the...

Defining "neoliberalism" as social democracy lite. This not The Onion.Grasping RealityNeoliberalism: Are We Sure That's the Right Word?: Talking to Noah SmithBrad DeLong | Professor of Economics, UCAL Berkeley

The long-dominant ideology brought us forever wars, the Great Recession, and extreme inequality. Good riddance. Useful summary. The New RepublicThe Collapse of NeoliberalismGanesh Sitaraman, Professor at Vanderbilt Law School and the author of The Great Democracy: How to Fix Our Politics, Unrig the Economy, and Unite America.

By Thomas PalleyI could not get this op-ed (written November 6, 2019) published as it was a mix of too dull & didactic, and too partisan or not partisan enough. Anyway, in the wake of the election, I think it was analytically spot on so I have decided to post it. Also, it makes clear the very special circumstances of the UK election. It is a gross distortion to extrapolate from the UK to the US. Unfortunately, that is exactly what elite US media (e.g. New York Times) and neoliberal...