Capitalism Unleashed: Finance, Globalization, and Welfare
OUP Oxford, Mar 23, 2006 - Business & Economics - 234 pages
Free enterprise is off the leash and chasing new opportunities for profit making across the globe. After a turbulent century of unprecedented social and technological change, Capitalism has emerged as the dominant ideology and model for economic growth in the richest, most developed countries. But only thirty years ago economic growth was faltering, inflation rising and the Left were arguing for greater state intervention in industry. How did this remarkable transformation happen? And what price have we paid in the process? This accessible and persuasive book challenges the notion of our capitalist destiny. It provides a clear and concise history of the problems facing the economies of Europe, Japan and the US during the latter half of the twentieth century and questions whether capitalism has really brought the levels of economic growth and prosperity that were hoped for. Andrew Glyn then looks at the impact the rapidly developing economies of China and the South are likely to have on the older economies of the North. As the race is on to maintain growth and protect competitive advantage, Glyn asks: is the 'race-to-the bottom' inevitable as the anti-globalisers predict, with welfare states being dismantled to meet competitive demands? Or is there an alternative model which sees a strong commitment to welfare provision as essential to economic growth? Can we afford not to tackle inequality at home as well as abroad?
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Challenges to Capital I
Austerity Privatization and Deregulation
Finance and Ownership
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average banks benefits boom capital Chapter China companies compared competition consumer consumption continued contributed corporate costs Data Appendix decade decline deficit demand developed discussed distribution dollar early earnings economies effects employment especially Europe European example exchange rate exports fall fell Figure firms force France funds further Germany greater growing growth half higher important income increase industrial inequality inflation interest investment involved Italy Japan labour less liberal lower major manufacturing measured ment noted OECD countries output percentage period political position pressure problems productivity productivity growth profits ratio reduced relative result rich rise sector share shift shows social Source spending strike substantial suggest tend tion trade trend union wage welfare whilst workers