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Capital Mobility and the Threat to American Prosperity

In: Neoliberalism and the Road to Inequality and Stagnation

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Abstract

This chapter anticipated and explained how deepened global capital mobility, promoted by both technological developments and neoliberal globalization policy, would transform the political economic landscape by changing the distribution of bargaining power between capital and labor. In turn, that promised to change the distribution income and exacerbate long run deflationary tendencies inherent in the neoliberal model. It argued mainstream economics misunderstands the significance of transaction costs and market frictions, which are characterized as unambiguously bad and deserving of elimination. In a bargaining power world such costs and frictions serve to equalize bargaining power, giving them a valuable function in ensuring shared prosperity. That calls for policy to recognize distinctions between frictions, and actually promote frictions which contribute to socially desired economic outcomes.

Suggested Citation

  • ., 2021. "Capital Mobility and the Threat to American Prosperity," Chapters, in: Neoliberalism and the Road to Inequality and Stagnation, chapter 11, pages 179-185, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20890_11
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    Cited by:

    1. Massaro, Maria & Kim, Seongcheol, 2022. "Why is South Korea at the forefront of 5G? Insights from technology systems theory," Telecommunications Policy, Elsevier, vol. 46(5).

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