The Trouble with Capitalism: An Enquiry Into the Causes of Global Economic Failure

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Zed Books, 1998 - Business & Economics - 238 pages
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We have grown accustomed to the notions of the end of history and that the current variant of free market capitalism is the only game in town. But how sound are the foundations of the global economy? The remarkable analysis contained in this book forsakes the shibboleths of both the Left and liberal economists to examine the actual behavior--patterns and tendencies--of economic institutions in the OECD countries of the 1980s and 90s. The conclusions are disturbing. The author uncovers profound sources of instability. Low growth has become endemic. There is a chronic surplus of capital. New technology is not solving either of these problems or structural unemployment. Meanwhile, the pursuit of neo-liberal economic orthodoxy by an emasculated state has only worsened the situation and the evidence of social dislocation is all about us. This is a book that must be read by every politician and thinking citizen still harboring illusions about the capacity of mere shifts in policy to return us to the golden era of the Sixties when high growth and full employment were the norm.
 

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The Trouble With Capitalism: An Enquiry into the Causes of Global Economic Failure

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With the bull market throttling along, interest rates remaining low, inflation nonexistent, and people's expectations for the future high, an optimist would say that a strong economy will surely be ... Read full review

Contents

Introduction
1
The Post1945 Economic Dispensation in the West
19
The End of the Boom and the Neoclassical Reaction
34
The Illusion of Orthodoxy
46
Globalisation and the Power Vacuum
77
Technological Nemesis
92
Coping with the Capital Glut
110
A Crisis of Legitimacy
166
Patterns of Demand
184
Less Opportunity than Threat
190
The Trauma of the Left
198
Forced Unanimity
204
Strategies of Desperation
210
Can the Profits System be Saved?
232
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About the author (1998)

Harry Shutt was educated at Oxford and Warwick Universities. He worked for six years in the Development and Planning Division of the Economist Intelligence Unit (EIU). He then moved to the Research Department of the General and Municipal Workers' Union (1973-76) and subsequently became Chief Economist at the Fund for Research and Investment for the Development of Africa (1977-79). Since then he has been an independent economic consultant.His books include 'The Myth of Free Trade: Patterns of Protectionism Since 1945', (1985), 'The Trouble with Capitalism: An Inquiry into the Causes of Global Economic Failure' , (Zed Books, 1999) and 'A New Democracy: Alternatives to a Bankrupt World Order (Zed Books, 2001)

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