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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Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number
wp110.
Find related papers by JEL classification: E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian F01 - International Economics - - General - - - Global Outlook F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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