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Geez Kansas Leadership...Neoliberalism much?
Under neoliberalism, governments have mostly pursued tight fiscal and monetary policies, restraining public spending. With liberalized financial markets, governments that run fiscal deficits are likely to be “punished” by private investors who may respond with capital flight and attacks on the currency. Therefore, governments (especially the governments of peripheral and semiperipheral countries) are under strong pressures to maintain fiscal balance by cutting expenditures. All neoliberal regimes seek to limit government expenditure. To summarize, in the neoliberal era, all three components of global effective demand are subject to strong downward pressures and have tended to either contract or stagnate. Neoliberalism, by pursuing financial liberalization and attacking the public sector, has significantly undermined and in some cases totally dismantled its stabilizing functions. The neoliberal era has seen increasingly frequent and violent financial crises. The Mexican crisis in 1995 was followed by the Asian Crisis in 1997, the Russian and the Brazilian crises in 1998, and the Argentine crisis in 2001. The role of the global macroeconomic stabilizer has been played throughout by the U.S. Treasury and by U.S. imports of goods and services increasingly in excess of U.S. exports; can this continue? - how much more do the rich need? Tell us Kansas Congressional Delegation? What are your options beyond Neoliberalism?
September 8, 2011 at 11:05 p.m.
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