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Clinton's Third Way policies were hailed as combining a pro-business stance with social responsibility. This approach seemed to be vindicated by the extraordinary fall in both inflation and unemployment. In fact, the apparent successes of the Clinton years were based on anti-labor policies, the stagnation of real wages, deregulation of financial markets, and an historically unprecedented stock market boom. Even before 9/11 there were indications that the Clinton bubble would collapse into recession. Bush's response was to give big tax breaks to the rich, introduce more anti-labor measures, and cut social spending at both the federal and state levels.
Both Clinton and Bush have applied free-market policies only selectively within the US itself, when such policies have most benefited the interests of business. At the same time, through the IMF, the US has compelled developing countries to slash public spending, deregulate financial markets and dismantle trade barriers virtually across the board. Argentina's embrace of this policy package culminated in financial ruin. Throughout Asia and Africa, sweatshops and poverty are the testaments to a bankrupt economic model.
Pollin concludes by exploring concrete proposals that would promote full employment, economic growth and increased equality in the US and throughout the less developed countries, drawing ong the spreading movements for living wages, the Tobin Tax on financial speculation, and more generally workable alternatives to neoliberal globalization.
| Preface and Acknowledgements | ||
| Ch. 1 | Neoliberal Consensus: Clinton, Bush, Greenspan, IMF | 3 |
| Ch. 2 | Clintonomics: The Hollow Boom | 21 |
| Ch. 3 | The Down Side of Fabulous | 49 |
| Ch. 4 | Money Grab and Recession: The Bush Economy | 77 |
| Ch. 5 | The Landscape of Global Austerity | 125 |
| Ch. 6 | Another Path Is Possible | 173 |
| App. 1 | U.S. Macroeconomic Trends 1960-2000 by NBER Cycle Data Groupings | 195 |
| App. 2 | A Phillips Curve Model with Unit Labor Costs | 199 |
| App. 3 | Measuring the Impact of Alternative Influences on the Federal Fiscal Budget | 209 |
| Notes | 211 | |
| Index | 231 |
Overview
Clinton's Third Way policies were hailed as combining a pro-business stance with social ...