Capitalism Unleashed: Finance, Globalization, and Welfare
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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assets average banks bargaining Basic Income beneﬁts boom capital accumulation capital stock Chapter China companies competition conﬂict consumer consumption corporate costs current account Data Appendix decade decline deﬁcit demand deregulation developed distribution dollar earnings effects employers Enron Europe European Eurozone exports ﬁgures ﬁnance ﬁnancial markets ﬁnancial system ﬁnd ﬁrms ﬁrst ﬁscal ﬂows ﬂuctuations France funds Germany globalization hedge funds higher impact important increase industrial inequality inﬂation inﬂation rate inﬂuence interest rates International Financial Statistics investment japan labour market labour productivity less liberal economies LTCM manufacturing ment NAIRU OECD countries output overseas percentage pressure private sector productivity growth proﬁt rate proﬁtability qualiﬁed ratio real exchange rate real wages reduced reﬂected rich countries rise share shareholder signiﬁcant social Source stock market Sweden taxation tion trade trend unemployment unemployment beneﬁts union welfare spending whilst workers