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Title: Contours of Descent: US Economic Fractures and the Landscape of Global Austerity by Robert Pollin ISBN: 1-85984-673-4 Publisher: Verso Pub. Date: September, 2003 Format: Hardcover Volumes: 1 List Price(USD): $21.00 |
Average Customer Rating: 4.83 (6 reviews)
Rating: 5
Summary: Contours of Descent: US Economic Fractures and the Landscape
Comment: Academic economists are a curmudgeonly bunch who, typically dissatisfied, need to cast blame and aspersion. One trick is to identify those causing the problems while avoiding in turn criticisms of political or other biases. Pollin (Univ. of Massachusetts-Amherst) accomplishes that trick admirably in this book by pointing out what he sees as the failings of the Clinton and Bush presidencies. In both cases, the failings are identified fundamentally as support of corporate over popular interests. The recession bridging the two administrations was caused by the flawed policies followed by President Clinton. The policies being pursued by President Bush are predicted to lead to even greater crises. Pollin contends that avoiding these problems requires a commitment to full employment policies and the "living wage." A less restrictive attitude toward inflation coupled with new financial market regulations, including a Tobin Tax on financial transactions, would facilitate the realization of these goals. The arguments are focused and well presented, although Appendix 3 explaining regression results could have been more detailed. All in all, a well argued case for taking the "neo" out of neoliberal. This volume will not convince everyone, but it should cause some heated discussions. ^BSumming Up: Recommended. Public and academic library collections.
Rating: 5
Summary: Powerful
Comment: Read "Contours of Descent: U.S. Economic Fractures and the Landscape of Global Austerity" by Robert Pollin, the co-author of "Living Wage." Pollin is a brilliant economist interested in using economics for the good of our society. He's also ruthlessly honest, and you won't catch him bragging, a' la Dick Gephardt, about the glorious Clinton days. Pollin's critique of Clinton's economic program is harsh and that of W. Bush's devestating. The lessons are clear, and Pollin closes with useful recommendations.
Rating: 4
Summary: Unsustainable Neoliberal Agenda
Comment: "Contours of Descent" is a prescient reevaluation of the U.S. and global economies during the Clinton years. For some, the rise of the stock market, low unemployment and inflation, and budget surpluses, when taken together, are proof positive that the Clinton years were as good as it gets for the economy. But not so fast says the author.
Clinton ran a "putting people first" campaign, but at some point a "center-right, Washington Consensus" direction was pursued. It was a neoliberal agenda that emphasized smaller government, free trade, and deregulation of financial markets. Inflation, fueled by wage demands, was kept in check through the threat of outsourcing jobs. Welfare rolls were drastically reduced by forcing welfare recipients to work at sub-poverty level wages. The Clinton administration and Alan Greenspan made no attempt to curb the speculative excesses of the financial markets. Stocks rose to unsustainable price to earning ratios. The economy was driven by both increased consumer debt and private investment. The obsession with larger and larger budget surpluses precluded making needed investments in infrastructure and education and training.
Part of the Washington Consensus is the participation of globally-oriented financial and trade bodies, such as the IMF, the World Bank, and the WTO, who impose neoliberal policies when possible. The opening for these international bodies is when debt-ridden countries find themselves in untenable positions. But relief from these bodies is not unconditional. The countries are forced to privatize, eliminate subsidies for domestic purposes, cut government spending, and remove all restrictions on foreign investment. In addition, the countries are invariably pressured to pursue a strategy of producing for export to acquire the cash to pay off debts. Keeping wages low by disciplining workers is part of the strategy of exporting and attracting foreign manufacturers. The author shows that these neoliberal policies have had harsh effects in many countries, such as Mexico and Argentina.
Of course, the stock market bubble collapsed. The Federal Reserve had failed to exercise its power to limit speculation and now was unable to spur a recovery with huge cuts in the Federal Funds interest rate. The excessive investment during the Clinton boom had created excess capacity. The author continues with the Bush administration, which is even more committed to pursuing a neoliberal program. The massive tax cuts that are being pursued by Bush have added to the huge increase in inequality that occurred in the Clinton years. The resulting huge deficits preclude any increase in domestic spending but do allow the pursuit of a military agenda that seems geared to benefit multinational corporations. Again, it is hoped that inflation will be checked by worker insecurities.
It seems rather obvious that neoliberalism is unsustainable in the long-run. In an interesting take, the author presents neoliberalism as presenting problems that Marx, Keynes, and Polanyi delineated. He calls for the re-regulation of financial markets, limits on free trade, and more domestic investment, including full employment. But it is a glaring shortcoming of the book that no attempt is made to describe how such a redirection could or will come about. Can it happen only politically or must a major collapse on the scale of the Great Depression first occur?
For those who need convincing that the Clinton years were not as good as they seemed, this may be the book for you.
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Title: After the New Economy by Doug Henwood ISBN: 1565847709 Publisher: New Press Pub. Date: 01 October, 2003 List Price(USD): $24.95 |
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Title: Incoherent Empire by Michael Mann ISBN: 1859845827 Publisher: Verso Pub. Date: October, 2003 List Price(USD): $25.00 |
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Title: The Sorrows of Empire : Militarism, Secrecy, and the End of the Republic [The American Empire Project] by Chalmers Johnson ISBN: 0805070044 Publisher: Metropolitan Books Pub. Date: 13 January, 2004 List Price(USD): $25.00 |
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Title: The ABC's of Political Economy: A Modern Approach by Robin Hahnel ISBN: 0745318576 Publisher: PLUTO PRESS Pub. Date: 24 January, 2003 List Price(USD): $19.95 |
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Title: Hegemony or Survival: America's Quest for Global Dominance (The American Empire Project) by Noam Chomsky ISBN: 0805074007 Publisher: Metropolitan Books Pub. Date: 04 November, 2003 List Price(USD): $22.00 |
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