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Economic contradictions coming home to roost? Does the U.S. economy face a long-term aggregate demand generation problem?

In: Neoliberalism and the Road to Inequality and Stagnation

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Abstract

This chapter predicted how the recession of 2001 would usher in a long slow deterioration phase in the neoliberal economic experiment, owing to the emergence of deep-seated contradictions that undermine the process of aggregate demand generation. Those contradictions are rooted in the deterioration of income distribution caused by neoliberalism. They can be kept at bay for a long time by a range of different demand compensation mechanisms such as steadily rising consumer debt, stock market booms, and falling interest rates. However, as those mechanisms are exhausted, the problematic of aggregate demand generation inevitably increasingly asserts itself.

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  • ., 2021. "Economic contradictions coming home to roost? Does the U.S. economy face a long-term aggregate demand generation problem?," Chapters, in: Neoliberalism and the Road to Inequality and Stagnation, chapter 2, pages 10-33, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20890_2
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