Neoliberalism, Global Imbalances, and Stages of Capitalist Development
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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- 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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- repec:fip:fedgsq:y:2005:i:mar10 is not listed on IDEAS
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- 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.
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- 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.).
- H.W. Arndt, 1998. "Globalisation," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 51(204), pages 73-89. Full references (including those not matched with items on IDEAS)
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