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Neoliberalism, Global Imbalances, and Stages of Capitalist Development

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  • Andong Zhu
  • Minqi Li
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    Abstract

    This paper examines certain structural macroeconomic relations in the neoliberal global economy. The current global economy rests upon three unsustainable trends: the debt-driven U.S. consumption expansion; China’s excessive investment expansion; and the large and rising U.S. current account deficits. When these trends are eventually reversed or corrected, there could be major upheavals in the world economy. The decline of neoliberalism may pave the way for a new set of economic, political, and social institutions.

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    File URL: http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_101-150/WP110.pdf
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    Bibliographic Info

    Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp110.

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    Date of creation: 2005
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    Handle: RePEc:uma:periwp:wp110

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    Related research

    Keywords: Neoliberalism; U.S. Economy; Chinese Economy; Imbalances; Long Waves;

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    References

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    1. H.W. Arndt, 1998. "Globalisation," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 51(204), pages 73-89.
    2. James Crotty, 2000. "Trading State-Led Prosperity for Market-Led Stagnation: From the Golden Age to Global Neoliberalism," Published Studies ps7, Political Economy Research Institute, University of Massachusetts at Amherst.
    3. repec:fip:fedgsq:y:2005:i:mar10 is not listed on IDEAS
    4. H.W. Arndt, 1998. "Globalisation," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 51(204), pages 73-89.
    5. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2003. "An Essay on the Revived Bretton Woods System," NBER Working Papers 9971, National Bureau of Economic Research, Inc.
    6. Ben S. Bernanke, 2005. "The global saving glut and the U.S. current account deficit," Speech 77, Board of Governors of the Federal Reserve System (U.S.).
    7. Maurice Obstfeld & Kenneth S. Rogoff, 2005. "Global Current Account Imbalances and Exchange Rate Adjustments," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 36(1), pages 67-146.
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    Cited by:
    1. Minqi Li, 2007. "U.S., China, and the Unraveling of Global Imbalances," Working Papers wp146, Political Economy Research Institute, University of Massachusetts at Amherst.

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