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 boom capital accumulation capital stock Chapter China companies competition consumer consumption corporate costs crisis current account Data Appendix decade decline deficit demand deregulation developed discussed dollar earnings effects employers employment protection Employment Rate Enron Europe European Eurozone expansion exports Figure financial markets financial system firms Germany globalization Glyn hedge funds higher impact important income inequality increase industrial inflation interest rates International Financial Statistics investment Japan Japanese labour market labour productivity less liberal economies Long-Term Capital Management LTCM macroeconomic major manufacturing NAIRU Non-financial OECD countries output overseas percentage pressure private sector productivity growth profit rate ratio real exchange rate real wages reduced relative rich countries rise share social Source squeeze stability strike substantial taxation trade trade union trend unemployment benefits union welfare spending whilst workers