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Mananging America: The Questionable Legacy of Alan Greenspan

In: Neoliberalism and the Road to Inequality and Stagnation

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Abstract

This chapter showed how Alan Greenspan contributed to the making of a new unstable business cycle fuelled by financial booms and cheap imports. The chapter anticipated the phenomenon that has become known as "financialization", and it identified the process of "consumer debt-led growth" which generates massive trade deficits. For almost twenty years, Greenspan was one of the world's most powerful policymakers. During that time he was a leading booster of globalization and financial deregulation, and an opponent of modernizing regulation. Those policies contributed to de-industrialization, and also twisted the economy toward financial speculation and reliance on debt. The result was the creation of an economy that is permanently inclined to financial excess and characterized by financial fragility. The chapter predicted the likelihood of a future financial crisis.

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  • ., 2021. "Mananging America: The Questionable Legacy of Alan Greenspan," Chapters, in: Neoliberalism and the Road to Inequality and Stagnation, chapter 3, pages 34-48, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20890_3
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