Andrew Glyn's Capitalism Unleashed: Finance, Globalization, and Welfare PDF

By Andrew Glyn

ISBN-10: 0199291993

ISBN-13: 9780199291991

ISBN-10: 1429422130

ISBN-13: 9781429422130

This available and persuasive publication demanding situations the idea of our capitalist future. It presents a transparent and concise historical past of the issues dealing with the economies of Europe, Japan, and the USA throughout the latter 1/2 the 20 th century and questions even if capitalism has relatively introduced the degrees of monetary development and prosperity that have been was hoping for. Andrew Glyn then seems on the influence that the speedily constructing economies of China and the South tend to have at the older economies of the North. because the race is directly to continue development and defend aggressive virtue, Glyn asks: is the "race-to-the backside" inevitable because the anti-globalizers are expecting, with welfare states being dismantled to fulfill aggressive calls for? Or is there an alternate version, which sees a robust dedication to welfare provision as necessary to monetary development? do we find the money for to not take on inequality at domestic in addition to abroad?"

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Additional resources for Capitalism Unleashed: Finance, Globalization, and Welfare

Sample text

28 Just as with privatization a decade earlier, an important attraction for the government was the fact that some investment spending was removed from the public spending total. This was particularly absurd given that the Chancellor’s own Fiscal Rules explicitly permit budget deficits in order to finance public investment. Indeed the main effect has been to push spending into the future as 44 AUSTERITY, PRIVATIZATION AND DEREGULATION building costs are paid in an annual rental rather than as lump-sum construction costs.

Nevertheless government deficits were large (4% of UK GDP in 1984) and even ‘selling off the family silver’, as ex-Prime Minister Harold Macmillan termed it, could be temporarily reassuring for financial markets. Over and above the immediate financial advantage to the government, the fundamental motivation for privatization was the theory that the firms would be more efficient when subject to competitive private sector disciplines and that this would bring real benefits to the economy in the form of lower prices and higher living standards.

Persistent budget deficits are telltale signs of lack of business confidence in the prospects for profitable investment. For high investment pushes up output and incomes and thus tax revenue and reduces the deficit, as happened in the US boom of the late 1990s. Investment was relatively sluggish throughout the OECD countries after 2000, despite the low and stable inflation, the profits recovery and the absence of industrial conflict. We will return to this puzzle in Chapter 6. AUSTERITY, PRIVATIZATION AND DEREGULATION 37 Privatization of Nationalized Industries The priority given to financial discipline and defeating inflation was complemented by attempts to reduce government intervention in industry.

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Capitalism Unleashed: Finance, Globalization, and Welfare by Andrew Glyn


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