Neoliberalism and the Road to Inequality and Stagnation

Thomas I. Palley, Founding Editor of the Review of Keynesian Economics and Principal at Economics for Democratic and Open Societies, US

‘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.’

• Contents:Preface viii1 Introduction: Neoliberalism as a Variety of Capitalism 1PART I THE UNITED STATES2 ‘Economic Contradictions Coming Home to Roost? Does the U.S. EconomyFace a Long-Term Aggregate Demand Generation Problem?’, Journal of PostKeynesian Economics, 25 (1), Fall, 2002, 9–32 103 ‘The Questionable Legacy of Alan Greenspan’, Challenge, 48 (6), November/December, 2005, 17–31 344 ‘The Fallacy of the Revised Bretton Woods Hypothesis: Why Today’s GlobalFinancial System is Unsustainable and Suggestions for a Replacement’,International Journal of Political Economy, 36 (4), Winter, 2007–2008, 36–52 495 ‘The U.S. Economy after Bush’, Challenge, 51 (6), November/December, 2008,26–37 666 ‘America’s Exhausted Paradigm: Macroeconomic Causes of the Financial Crisisand Great Recession’, New School Economic Review, 4 (1), 2010, 15–43 787 ‘The US Economy: Explaining Stagnation and Why it Will Persist’, in A. Gallas,H. Herr, F. Hoffer and C. Scherrer (eds), Combatting Inequality: The GlobalNorth and South, Chapter 8, London: Routledge, 2016, 113–31 107PART II EUROPE8 ‘Europe’s Crisis Without End: The Consequences of Neoliberalism’,Contributions to Political Economy, 32, 2013, 29–50 1279 ‘The European Monetary Union Needs a Government Banker’, Challenge, 54 (4),July/August, 2011, 5–21 14910 ‘Fixing the Euro’s Original Sins: The Monetary–Fiscal Architecture andMonetary Policy Conduct’, Real-World Economics Review, 81, September, 2017,1–12 166PART III THE GLOBAL ECONOMY11 ‘Capital Mobility and the Threat to American Prosperity’, Challenge, 37 (6),November/December, 1994, 31, 34–9 17912 ‘The Free Trade Debate: A Left Keynesian Gaze’, Social Research, 61 (2),Summer, 1994, 379–94 186vi Neoliberalism and the Road to Inequality and Stagnation13 ‘The Economics of Globalization: Problems and Policy Responses’, in TowardReducing Unemployment, 5th Plenary Session, Vatican City: Pontifical Academyof Social Sciences, 1999, 202–216 [originally 185–205] 20214 ‘Developing the Domestic Market’, Challenge, 49 (6), November/December,2006, 20–34 21715 ‘The Rise and Fall of Export-led Growth’, Investigación Económica, LXXI(280), April–June, 2012, 141–61 23216 ‘A Labor Perspective on Globalization’, Internationale Politik und Gessellschaft(International Politics and Society), April, 2009, 22–39 25317 ‘Labor in the Global Economy: The Globalization Clock’, Dollars & Sense,May/June, 2006, 12–13. Revised in 2018 and republished as ‘The GlobalizationClock’, Article 7.1 in Real World Globalization, 19th edition, edited by ArmağanGezici, Elizabeth T. Henderson, Jeannette Mitchell, Jawied Nawabi, and theDollars and Sense Collective, Economic Affairs Bureau Inc., December 2020,177–9 271PART IV THE WAR OF IDEAS18 ‘After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy’,Real-World Economics Review, 49, March, 2009, 22–35 27519 ‘The War of Ideas: A Comparison of the U.S. and Europe’, with Gustav A. Hornin Restoring Shared Prosperity: A Policy Agenda From Leading KeynesianEconomists, CreateSpace.com, 2013, 289–93 [originally 7–14] 28920 ‘Inequality and Stagnation by Policy Design: Mainstream Denialism and itsDangerous Political Consequences’, Challenge, 62 (2), 2019, 128–43 294Index