IDEAS home Printed from https://ideas.repec.org/p/swe/wpaper/2014-27.html
   My bibliography  Save this paper

The collapse of neoliberal capitalism: Causes and cures: a review article

Author

Listed:
  • Peter Kriesler

    (School of Economics, Australian School of Business, the University of New South Wales)

  • John Nevile

    (School of Economics, Australian School of Business, the University of New South Wales)

Abstract

The two books reviewed in this article are very different in style, quite different in content, but completely united in their purpose and major conclusions. Both books analyse the events from 2007 to 2010 to ascertain why the disaster happened and what must be done to put the United States economy (on which both books focus) on a more secure footing and prevent any recurrence of the extended crisis of those years. Both target the increasing influence of market liberalism over the last thirty years, and the institutions of capitalist economies which they have encouraged. Taylor focusses more on the participants in, and those responsible for, regulating the international financial sector, while Palley places more blame on the shoulders of those responsible for labour market policy. Both agree that each of these played a part in precipitating the events of 2007 to 2010 and need to be dealt with if the United States economy is to be restored to health. Both argue strongly that the growing income inequality in the United States must be reversed before the US economy can significantly improve. Finally, they stress the interrelationship between political ideology and economic explanation, and argue that value free positive economics is a myth.

Suggested Citation

  • Peter Kriesler & John Nevile, 2014. "The collapse of neoliberal capitalism: Causes and cures: a review article," Discussion Papers 2014-27, School of Economics, The University of New South Wales.
    • Handle: RePEc:swe:wpaper:2014-27
    as

    Download full text from publisher

    File URL: http://research.economics.unsw.edu.au/RePEc/papers/2014-27.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. G. C. Harcourt, 2001. "50 Years a Keynesian," Palgrave Macmillan Books, in: 50 Years a Keynesian and Other Essays, chapter 1, pages 1-30, Palgrave Macmillan.
    2. G. C. Harcourt, 2001. "50 Years a Keynesian and Other Essays," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-52331-9, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Geoffrey Harcourt & Peter Kriesler, 2012. "Introduction [to Handbook of Post-Keynesian Economics: Oxford University Press: USA]," Discussion Papers 2012-33, School of Economics, The University of New South Wales.
    2. G. C. Harcourt, 2009. "The Rise and, Hopefully, the Fall of Economic Neo-Liberalism in Theory and Practice," The Economic and Labour Relations Review, , vol. 20(1), pages 1-6, December.
    3. Geoff C. Harcourt & Peter Kriesler & John Nevilet, 2013. "Why myths in neoclassical economics threaten the world economy: a post-Keynesian Manifesto," Discussion Papers 2013-36, School of Economics, The University of New South Wales.
    4. Pompeo Della Posta, 2002. "Modelli di crisi valutarie e misure di politica economica," Moneta e Credito, Economia civile, vol. 55(219), pages 237-262.
    5. GC Harcourt & Peter Kriesler & John Langmore, 2013. "Faith, works and talents entwined: Driving forces behind John Nevile’s contributions," The Economic and Labour Relations Review, , vol. 24(2), pages 228-237, June.
    6. John Nevile, 2018. "Learning from full employment history: The 1945 Australian White Paper in practice," The Economic and Labour Relations Review, , vol. 29(4), pages 446-458, December.
    7. Joseph Halevi & Neil Hart & Peter Kriesler, 2012. "The traverse, equilibrium analysis and post-Keynesian economics," Discussion Papers 2012-32, School of Economics, The University of New South Wales.
    8. Enrico Bellino & Christian Bidard & Saverio M. Fratini & G.C. Harcourt & Arrigo Opocher & Ian Steedman & Naoki Yoshihara & Heinz D. Kurz, 2017. "Symposium on Arrigo Opocher and Ian Steedman (," Metroeconomica, Wiley Blackwell, vol. 68(4), pages 586-624, November.
    9. Massimo Cingolani, 2008. "Full Employment as a Possible Objective for EU Policy I. A Perspective From the Point of View of The Monetary Circuit," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(1), pages 89-114, March.
    10. Frank Stilwell, 2019. "From Economics to Political Economy: Contradictions, Challenge, and Change," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(1), pages 35-62, January.
    11. G. C. Harcourt, 2013. "Ronald Meek's “Magnificent” Review Article of Piero Sraffa's 1960 Classic: Top Hit in Decade 1954–63 in the Scottish Journal of Political Economy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 60(5), pages 478-480, November.
    12. G. C. Harcourt, 2007. "Markets, Madness and a Middle Way Revisited," The Economic and Labour Relations Review, , vol. 17(2), pages 1-10, April.

    More about this item

    Keywords

    global financial crisis; neoliberalism; Keynesian economics; macroeconomic policy; income inequality;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:swe:wpaper:2014-27. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Hongyi Li (email available below). General contact details of provider: https://edirc.repec.org/data/senswau.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.