A powerful case that the economic shocks of the 1970s hastened both the end of the Cold War and the rise of neoliberalism by forcing governments to impose austerity on their own people.Why did the Cold War come to a peaceful end? And why did neoliberal economics sweep across the world in the late twentieth century? In this pathbreaking study, Fritz Bartel argues that the answer to these questions is one and the same. The Cold War began as a competition between capitalist and communist governments to expand their social contracts as they raced to deliver their people a better life. But the economic shocks of the 1970s made promises of better living untenable on both sides of the Iron Curtain. Energy and financial markets placed immense pressure on governments to discipline their social contracts. Rather than make promises, political leaders were forced to break them.In a sweeping narrative, The Triumph of Broken Promises tells the story of how the pressure to break promises spurred the end of the Cold War. In the West, neoliberalism provided Western leaders like Ronald Reagan and Margaret Thatcher with the political and ideological tools to shut down industries, impose austerity, and favor the interests of capital over labor. But in Eastern Europe, revolutionaries like Lech Walesa in Poland resisted any attempt at imposing market discipline. Mikhail Gorbachev tried in vain to reform the Soviet system, but the necessary changes ultimately presented too great a challenge.Faced with imposing economic discipline antithetical to communist ideals, Soviet-style governments found their legitimacy irreparably damaged. But in the West, politicians could promote austerity as an antidote to the excesses of ideological opponents, setting the stage for the rise of the neoliberal global economy.
Capitalist Realism: Is There No Alternative?
It is easier to imagine the end of the world than the end of capitalism. After 1989, capitalism has successfully presented itself as the only realistic political-economic system - a situation that the bank crisis of 2008, far from ending, actually compounded. The book analyses the development and principal features of this capitalist realism as a lived ideological framework. Using examples from politics, film (Children Of Men, Jason Bourne, Supernanny), fiction (Le Guin and Kafka), work and education, it argues that capitalist realism colors all areas of contemporary experience, is anything but realistic and asks how capitalism and its inconsistencies can be challenged. It is a sharp analysis of the post-ideological malaise that suggests that the economics and politics of free market neo-liberalism are givens rather than constructions. New Edition includes:Forward by Zoe Fisher, Mark’s wife, talking about Mark as a personIntroduction by Alex Niven, his friend and colleague, talking about the political significance of the book thirteen years after it was writtenAfterword by Tariq Goddard, the original editor and publisher, describing the writing and editing of the book, its original reception, and Mark’s own view of it"A quick and entertaining read." Socialist Standard "A provocative and necessary read...for anyone wanting to talk seriously about the politics of education today. " Times Higher Educational Supplement
The Weaponized World Economy
When Washington announced a “framework deal” with China in June, it marked a silent shifting of gears in the global political economy. This was not the beginning of U.S. President Donald Trump’s imagined epoch of “liberation” under unilateral American greatness or a return to the Biden administration’s dream of managed great-power rivalry. Instead, it was the true opening of the age of weaponized interdependence, in which the United States is discovering what it is like to have others do unto it as it has eagerly done unto others.
Exocapitalism: economies with absolutely no limits
There is a touch of destiny with this one. We have real…
CRISES AVERTED. How A Few Past Societies Found Adaptive Reforms in the Face of Structural-Demographic Crises
Historians and social scientists have long been preoccupied with understanding and documenting periods of crisis. Such emphasis is only growing, and becoming more pressing, as the world continues to face a number of interrelated stressors in the form of irreversible climate change, major ecological shocks and disease outbreaks, eruptions of military violence, economic disruptions and deepening inequalities, political polarization and unrest, the rise of authoritarian and nationalist regimes. Crises in these domains are not new, but have been recurrent features of past societies. Although these periods have typically led to massive loss of life, the failure of critical institutions, and even complete societal collapse, there are instances in the historical record of societies managing to turn the tide of crisis even as violence and social turmoil grow. Here, we focus on four such cases of crises mitigated with structural reforms revealed from our previous historical analyses: early Republican Rome, mid-19th century England and Russia, USA during the the late 20th to early 21st centuries. Utilizing structural demographic theory as a lens to explore these cases, we seek to expose the pressures that built up leading to crisis and the early signs of violent confrontation revealed by these societies, as well as to examine the conditions and key decisions made in the midst of this unrest that allowed these societies to turn the tide and enact significant structural adaptations. Our findings have clear relevance to understanding and navigating similar crises in contemporary societies.
Mercantilisme et capitalisme de la finitude : aux origines de l’Empire Trump | Le Grand Continent
Les seigneurs de la Silicon Valley s'installent dans l'État américain : un nouveau pouvoir disrupte le libéralisme et la démocratie. Vivons-nous un moment inédit ? Il y a quatre cents ans, une start-up de la City – la Compagnie des Indes – se lançait déjà dans une entreprise de conquête mondiale similaire. Pour expliquer Trump et Musk, Arnaud Orain renoue avec les fils de cette histoire, en forgeant un concept : le capitalisme de la finitude.
Super Imperialism: The Economic Strategy of American Empire | Michael Hudson
Super Imperialism. The Economic Strategy of Americ .... Hudson, Michael Buy Now (Wrapping 1972) “THE MOST IMPORTANT WORK ON IMPERIALISM SINCE LENIN” -TERENCE McCARTHY Michael Hudson Holt, Rinehart, Winston Backside: Super Imperialism "Never before has a bankrupt nation dared insist that its bankruptcy become the foundation of world economic policy; that, because of its bankruptcy,
Welcome to the new age of geoeconomics
Tech, trade, finance and military policies are mingling in a manner not seen during the neoliberal era
Global Inequality — Harvard University Press
Winner of the Bruno Kreisky Prize, Karl Renner InstitutA Financial Times Best Economics Book of the Year An Economist Best Book of the Year A Livemint Best Book of the YearOne of the world’s leading economists of inequality, Branko Milanovic presents a bold new account of the dynamics that drive inequality on a global scale. Drawing on vast data sets and cutting-edge research, he explains the benign and malign forces that make inequality rise and fall within and among nations. He also reveals who has been helped the most by globalization, who has been held back, and what policies might tilt the balance toward economic justice.“The data [Milanovic] provides offer a clearer picture of great economic puzzles, and his bold theorizing chips away at tired economic orthodoxies.”—The Economist“Milanovic has written an outstanding book…Informative, wide-ranging, scholarly, imaginative and commendably brief. As you would expect from one of the world’s leading experts on this topic, Milanovic has added significantly to important recent works by Thomas Piketty, Anthony Atkinson and François Bourguignon…Ever-rising inequality looks a highly unlikely combination with any genuine democracy. It is to the credit of Milanovic’s book that it brings out these dangers so clearly, along with the important global successes of the past few decades.—Martin Wolf, Financial Times
Radical expectations: how the New Left changed economics
In the 1970s radical economists campaigned to reform their discipline and their universities. They became journalists and activists, moving beyond academia, to forge new models of public engagement and collaborative knowledge in economic life. Radical Expectations tells the story of how these economists set out to make economics more democratic. It traces their campaign to bring protest movements to the campuses, triggering the emergence of an alternative understanding of expertise directed at validating and empowering the perspectives and voices of women, Black Americans, labor activists, and the urban poor. It shows how a radical identity formed and how radicals helped reform disciplinary institutions. Furthermore, it argues that the radical economics' legacy was the development of a language and models of expert-lay collaboration that empowers direct action in economic affairs. The book is about the community of radical economists who championed the promise of change and what came of it
A Retrospective on Bidenomics - The American Prospect
Joe Biden listened to the left on full employment. But the lasting effects were wanting, and the politics were brutal.
Radical markets: uprooting capitalism and democracy for a just society
Many blame today's economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking on its head. With a new foreword by Ethereum creator Vitalik Buterin and virtual reality pioneer Jaron Lanier as well as a new afterword by Eric Posner and Glen Weyl, this provocative book reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant nineteenth-century spirit of liberal reform and lead to greater equality, prosperity, and cooperation. Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition Radical Markets shows how
Neoliberal Fascism as the Endpoint of Casino Capitalism
This article explores neoliberal fascism as a distinctive political formation within the current historical moment. In doing so, it first analyzes neoliberalism as a project that has since the 1970s destroyed all the commanding institutions of democracy while consolidating power in the hands of a financial elite. In addition, it analyzes neoliberalism as a movement, that produces and legitimates massive economic inequality and suffering, privatizes public goods, dismantles essential government agencies, and individualizes all social problems. Under such circumstances, neoliberalism creates the conditions for right wing extremists to mobilize the anger of white disenfranchised working class populations by both appealing to the economic injustices they experience while simultaneously blaming and directing their frustrations towards non-white minority groups such as immigrants, blacks, and Muslims. It is precisely this merging of the social, political, and economic hardships produced by neoliberal capitalism and its appropriation of the discourse of white supremacy to divert attention from its worst excesses and failures that a neoliberal fascism is produced. Â More specifically, I argue that in the face of 40 years of neoliberalism with its production of massive inequality, a frontal attack on the welfare state, and the erosion of civic institutions and culture, there has been a resurgence of fascist discourses and a populist fascist political movement. Neoliberal fascism represents the conjoining of the most extreme elements of casino capitalism with the discourses of racial cleansing, and white nationalism. The article concludes by examining how atomization, fear, and anxiety have become the breeding grounds of fascism and what it means to revive education as a central tenet of politics so as to address the task of not simply resisting oppressive economic structures, but also what it means to engage in the massive challenge of changing individual and collective consciousness as a precondition for collective struggle and the building of new social movements. Author Biography Henry Giroux, McMaster University Chair for Scholarship in the Public Interest The Paulo Freire Distinguished Scholar in Critical Pedagogy
A Brief History of Neoliberalism
Abstract. Neoliberalism--the doctrine that market exchange is an ethic in itself, capable of acting as a guide for all human action--has become dominant in
Further Back to the Future: Neo-Royalism, the Trump Administration, and the Emerging International System
With the Liberal International Order (LIO) in decline, scholars have focused increasingly on the possible return to a Westphalian great power system marked by sovereigntist claims and balancing among states. The actions of the Trump administration, however, raise a number of significant puzzles for such accounts—the US seems willing to sign deals with traditional adversaries including Russia and China, while targeting long-standing allies like Canada and Denmark. At the same time, transactional politics often serve narrow personalist interests rather than national objectives. In short, a Westphalian lens focused on states and sovereignty may generate intellectual blinders that misreads the emerging international order. To overcome these limitations, we propose an alternative account, which we label neo-royalism. The neo-royalist order centers on an international system structured by a small group of hyper elites, which we term cliques. Such cliques seek to legitimize their authority through appeals to their exceptionalism in order to generate durable material and status hierarchies based on the extraction of financial and cultural tributes. This short paper lays out the key elements of the neo-royalist order, differentiating it from the Westphalian and Liberal International Orders, and applies its insights to better grapple with the emerging system being promoted by the United States under Donald J. Trump. For policymakers and scholars, the neo-royalist approach clarifies recent events in US foreign policy. Theoretically, the field should take contending ideas of international order seriously, and establish a research agenda beyond a backward looking view to the Westphalian moment.
US Labor & Imperialism Pt. 1: the War Against Communism w/ Jeff Schuhrke
if there's one conclusion that the study of both labor history and imperialism converge on, it is that the richest people in the world are happy to burn money on control, power, impunity. and the "everything is about profit" version of anti-capitalism does not survive serious contact with either
Leonard Pierce
Adding to this thread: it’s a common mistake (I’ve made it myself, many times) to think of the motivations of the capitalist elites as essentially mercantilist: that is, that they are largely still motivated *entirely* by profit and loss, selling product, etc. This has not been true for a while.
