Description
Book Synopsis: This book examines “the great contraction” of 2007–2010 within the context of the neoliberal globalization that began in the early 1980s. This new phase of capitalism greatly enriched the top 5 percent of Americans, including capitalists and financial managers, but at a significant cost to the country as a whole. Declining domestic investment in manufacturing, unsustainable household debt, rising dependence on imports and financing, and the growth of a fragile and unwieldy global financial structure threaten the strength of the dollar. Unless these trends are reversed, the authors predict, the U.S. economy will face sharp decline. Summarizing a large amount of troubling data, the authors show that manufacturing has declined from 40 percent of GDP to under 10 percent in thirty years. Since consumption drives the American economy and since manufactured goods comprise the largest share of consumer purchases, clearly we will not be able to sustain the accumulating trade deficits. Rather than blame individuals, such as Greenspan or Bernanke, the authors focus on larger forces. Repairing the breach in our economy will require limits on free trade and the free international movement of capital; policies aimed at improving education, research, and infrastructure; reindustrialization; and the taxation of higher incomes.
Details
Are you concerned about the current state of the U.S. economy? Look no further than "The Crisis of Neoliberalism" book. This eye-opening analysis delves into the "great contraction" of 2007–2010 and exposes the detrimental effects of neoliberal globalization since the 1980s. With an alarming decline in domestic manufacturing, unsustainable debt levels, growing dependence on imports, and a fragile global financial structure, the authors warn of a sharp decline in the U.S. economy if these trends persist.
Don't let the top 5 percent of Americans, including capitalists and financial managers, continue to reap the benefits while the country as a whole suffers. "The Crisis of Neoliberalism" reveals how manufacturing, once a pillar of the American economy, has dwindled from 40 percent to under 10 percent of GDP in just three decades. As consumer-driven growth relies heavily on manufactured goods, it's clear that accumulating trade deficits are on an unsustainable path.
Instead of pointing fingers at individuals like Greenspan or Bernanke, the authors focus on the larger forces at play. They advocate for solutions that can repair the breach in our economy, including limits on free trade and capital movement, investments in education, research, and infrastructure, reindustrialization initiatives, and higher income taxation. It's time to take action before it's too late.
If you want to gain a deeper understanding of the challenges we face and how we can navigate through them, "The Crisis of Neoliberalism" is a must-read. Take the first step towards securing a stronger economy by diving into this thought-provoking book today. Click here to order your copy now!
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