John Grahl on Gérard Duménil and Dominique Lévy, Crise et sortie de crise: ordre et désordres néolibéraux. A Marxist exploration of the sea changes in the world economy since the seventies.
THE SWAY OF FINANCE?
How are we to understand the new phase of capitalism that has emerged, over the last half-decade or so, from the long downturn that followed the postwar boom? A decisive resolution, at last, of a twenty-year period of crisis, with the deep restructuring that took place from the mid-seventies to the mid-nineties now clearing the way for sustained capital accumulation? Or as a more troubled exit into a new stage marked by further financial instability? Crise et sortie de crise reminds us that this is not the first time that modern capitalism has transformed itself in the course of a profound structural crisis. In this view from Paris, the emergence of the neoliberal order is set in a century-long perspective: what can the solutions of the Great Depression that beset the final decades of the nineteenth century tell us about the trajectories of today?
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By the same authors:
John Grahl on Philippe Askenazy, Tous rentiers! Contra Piketty’s fiscal prescriptions, a French economist’s recipe for reducing inequality through re-mobilization of labour and critique of ‘propertarian’ ideology.
A New Economics
John Grahl on Anwar Shaikh, Capitalism: Competition, Conflict, Crises. An ambitious recasting of economic thought, from classical political economy to the mathematized present, in a synthesis aiming at realistic capture of the vicissitudes of contemporary capitalism.
A Capitalist Contrarian
John Grahl surveys the work of dissident French economist Jean-Luc Gréau. Centre-right critique of the ascendancy of financial markets and unorthodox solutions for the global economic crisis.
Measuring World Disorders
John Grahl on Michel Aglietta and Laurent Berrebi, Désordres du capitalisme mondial. A prescient état des lieux of the global economy, identifying its imbalances and possible future trajectories.
Can stakeholder variants of capitalism in east Asia or Europe resist the rise to global dominance of Anglo-American shareholder value? John Grahl argues that ‘exit’ trumps ‘voice’—disembedded forms of corporate finance are inherently more capable of spreading uniformly round the world than embedded ones, which remain particular to local settings. The misfortunes of the euro as a portent of US pressures to come.
Renewing the Left
Economies Out of Control
The Cost of Neo-Liberal Europe