By Michael Perelman (auth.)
This publication describes the deep contradictions plague marketplace economies. It indicates how the impression of those contradictions occasionally subsides, permitting the economic climate to accomplish particularly good. yet in time, those contradictions gather and economic system declines as though it suffers from a few degenerative disorder. The guidelines designed to upward push above those contradictions frequently spawn much more critical contradictions. This booklet describes how those contradictions have affected the financial system of the USA some time past and the risks that the longer term poses. for instance, regulations to stimulate the economic system ultimately bring about stagnation. guidelines to make carry down wages make enterprise much more uncompetitive. It additionally analyzes the harmful outcomes of the army, finance, and the Federal Reserve. ultimately, it debunks the mythological promise of a brand new Economy.
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Extra resources for The Pathology of the U.S. Economy Revisited: The Intractable Contradictions of Economic Policy
Sample text
At this point, the recession threatened to turn into a full-scale financial panic. Only when the crisis threatened the values of the loans that the major banks had made to Mexico, did business demanded something be done to stimulate the economy. S. inflation was subsiding, but the recession seemed in danger of spiraling out of control. The sudden emergence of the Third World debt crisis raised fears of financial chaos" [Krugman 1990, p. 84]. Immediately thereafter, in order to finally bring the economy out of the tailspin of which Volcker was so proud, the Federal Reserve Board began to loosen the monetary reins and the Reagan administration resorted to deficit spending of unparalleled proportions.
Here, the Vietnam War proved to be a crucial watershed. The Vietnam War was intended to serve as a powerful message to the world. After all, the United States had no important investments in Vietnam, yet it fought with great determination. This show of force demonstrated the resolve of the US. government to protect US. investments in the low-wage economies of Asia, just as vigorously as it had in Latin America in the past. True, Vietnam won the war, but at a great enough cost that few nations would challenge US.
76-77). In another instance, the company, intending to save money by shutting down its foundry early, attempted to build the engines using parts that already had been rejected during the year. Workers in the motor test area lodged a protest, but management hounded inspectors to accept defective motors. After motor test men communicated their grievances to other workers, they began to collaborate in intentional sabotage. Inspectors agreed to reject three of every four motors. Stacks of motors piled up at an accelerating pace until the entire plant shut down, losing more than ten hours of production time to deal with the problem.