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The US economy: Explaining stagnation and why it will persist

In: Neoliberalism and the Road to Inequality and Stagnation

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Abstract

This chapter examined the major competing interpretations of the 2008 U.S. financial crisis and explained the rebound of neoliberal orthodoxy after the crisis. It showed how US policymakers acted to stabilize and save the economy but failed to change the underlying neoliberal economic policy model. That failure explains the emergence of stagnation during the Obama presidency (2009 - 2017). Subsequently, the economy started to recover and accelerate, and the chapter predicted the recovery was likely to gradually peter out owing to the pre-existing dynamic of slow wage growth and debt accumulation. However, that narrative was interrupted by the Covid-19 pandemic, the long-term political and policy consequences of which have yet to be digested.

Suggested Citation

  • ., 2021. "The US economy: Explaining stagnation and why it will persist," Chapters, in: Neoliberalism and the Road to Inequality and Stagnation, chapter 7, pages 107-125, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20890_7
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