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.
|Date of creation:||2005|
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- repec:fip:fedgsq:y:2005:i:mar10 is not listed on IDEAS
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"An essay on the revived Bretton Woods system,"
Federal Reserve Bank of San Francisco, issue Feb.
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