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The collapse of neoliberal capitalism: Causes and cures: A review article

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  • Peter Kriesler
  • JW Nevile

Abstract

These books, different in style and content but united in purpose and major conclusions, analyse events from 2007 to 2010 to ascertain why the economic disaster happened and what must be done to put the United States economy (on which both books focus) on a more secure footing, and prevent any recurrence of the extended crisis of those years. Both target the increasing influence of market liberalism over the last 30 years, and the institutions of capitalist economies which they have encouraged. Taylor focuses more on the regulation of the international financial sector, and Palley on labour market policy. They agree that both need to be addressed if the United States economy is to be restored to health. Both argue that growing income inequality in the US must be reversed before the US economy can significantly improve. Finally, they stress the interrelationship between political ideology and economic explanation, and argue that value free positive economics is a myth.

Suggested Citation

  • Peter Kriesler & JW Nevile, 2014. "The collapse of neoliberal capitalism: Causes and cures: A review article," The Economic and Labour Relations Review, , vol. 25(3), pages 518-531, September.
    • Handle: RePEc:sae:ecolab:v:25:y:2014:i:3:p:518-531
    DOI: 10.1177/1035304614548116
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    References listed on IDEAS

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    1. Till Treeck, 2014. "Did Inequality Cause The U.S. Financial Crisis?," Journal of Economic Surveys, Wiley Blackwell, vol. 28(3), pages 421-448, July.
    2. G. C. Harcourt, 2001. "50 Years a Keynesian," Palgrave Macmillan Books, in: 50 Years a Keynesian and Other Essays, chapter 1, pages 1-30, Palgrave Macmillan.
    3. Richard H. Thaler, 2000. "From Homo Economicus to Homo Sapiens," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 133-141, Winter.
    4. G. C. Harcourt, 2001. "50 Years a Keynesian and Other Essays," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-52331-9, April.
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    Keywords

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    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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