Capital Resurgent: Roots of the Neoliberal Revolution by Gérard Duménil

By Gérard Duménil

The arrival of monetary neoliberalism within the Eighties brought on a shift on this planet economic system. within the 3 many years following international battle II, now thought of a golden age of capitalism, monetary progress was once excessive and source of revenue inequality reducing. yet within the mid-1970s this social compact was once damaged because the international economic climate entered the stagflation main issue, following a decline within the profitability of capital. This obstacle opened a brand new section of stagnating development and wages, and unemployment. rates of interest in addition to dividend flows rose, and source of revenue inequality widened. Economists G?rard Dum?nil and Dominique L?vy exhibit that, regardless of unfastened marketplace platitudes, neoliberalism used to be a deliberate attempt through monetary pursuits opposed to the postwar Keynesian compromise. The cluster of neoliberal policies--including privatization, liberalization of global alternate, and aid in kingdom welfare benefits--is an expression of the ability of finance on this planet economic climate. The series of occasions initiated by way of neoliberalism was once now not extraordinary. within the overdue 19th century, whilst monetary stipulations have been just like these of the Seventies, a structural challenge resulted in the 1st monetary hegemony culminating within the speculative growth of the overdue Nineteen Twenties. The authors argue persuasively for stabilizing the area financial system sooner than we run headlong into one other monetary catastrophe.

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2 indicate the general trend of these evolutions, the "structural" component of unemployment. The iluc­ tuations around this trend set out what is commonly called its "cyclical,. movement, which follows the fluctuations of economic activity (output i n ­ creases during overheating and declines during recessions lead to corre­ sponding declines and increases in the unemployment rate ). Despite the increase in structural unemployment a t the beginning of the crisis that was common to both Europe and the United States, the profiles observed are significantly different.

If labor costs increase too much, profi t rates are affected. The same is true if workers refuse to adapt to the work­ week or to labor conditions. Gnemployment and lack of job security are the best guarantors of this discipline, whether the employee goes through the experience himself or whether the threat hangs over his or her head. Permanently assuring the maintenance of a reserve of individuals without work or seeking to work more-what Marx called the "reserve army"-is a fundamental feature of capitalism.

This figure is the first in the book to use a logarithmic scale-the slope of the curves is proportional to the growth rate of the variables. Recurrent fluctuations {small i n this figure) are the effects o f overheating a n d slowdowns in activity. Two remarks should be made here. First, this view cannot be given full credence. The most recent innovations should be compared with those of previous periods-the industrial revolution, the end of the nineteenth century, the beginning of the twentieth century, or the first postwar dec­ ades.

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