Download Capitalism Unleashed: Finance, Globalization, and Welfare by Andrew Glyn PDF

By Andrew Glyn

This obtainable and persuasive e-book demanding situations the proposal of our capitalist future. It offers a transparent and concise historical past of the issues dealing with the economies of Europe, Japan, and the U.S. throughout the latter half the 20th century and questions no matter if capitalism has rather introduced the degrees of financial development and prosperity that have been was hoping for. Andrew Glyn then seems to be on the effect that the swiftly constructing economies of China and the South are inclined to have at the older economies of the North. because the race is directly to retain development and guard aggressive virtue, Glyn asks: is the "race-to-the backside" inevitable because the anti-globalizers are expecting, with welfare states being dismantled to satisfy aggressive calls for? Or is there another version, which sees a robust dedication to welfare provision as necessary to financial development? will we have enough money to not take on inequality at domestic in addition to abroad?"

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Additional resources for Capitalism Unleashed: Finance, Globalization, and Welfare

Sample text

Two years after the fall of the Labour government in the UK the French Socialist government of François Mitterrand came to power in 1981 with the plan to double, from 11% to 22%, the share of nationalized industries in industrial employment by taking over five major groups in electronics and chemicals, the largest two steel groups, 39 banks (bringing the share of public ownership of banks to 90%) and a major firm in a number of other sectors. As in the UK, the plans called for these nationalized groups to spearhead industrial modernization, within the context of five-year ‘plan contracts’ between the management and government.

Some countries like Sweden and Austria avoided big increases in unemployment in the 1980s in this way and wage restraint in Japan reflected an implicit agreement with a similar effect. AUSTERITY, PRIVATIZATION AND DEREGULATION 31 Explaining the shift in monetary policy discussed in this section is fundamental to understanding why unemployment rose so much in OECD countries in the 1980s. In very broad terms tight monetary policy was the reaction to the turmoil of the 1970s—rising inflation, industrial conflict, profit squeeze and the other developments discussed in Chapter 1.

After 1990, real profits rose as the wage bill fell. 21 The main losers were those workers who lost relatively well-paid, unionized jobs. Although privatization of the coal industry was termed the ‘ultimate privatization’ because of its effect on the power of the mineworkers, studies suggest little evidence that in the UK the act of privatization per se AUSTERITY, PRIVATIZATION AND DEREGULATION 41 was associated with a decline in union membership or bargaining rights. 22 Even the OECD’s very positive assessment of restructuring and privatization admits that they ‘tend to be accompanied by some degree of dislocation and job loss, at least in the short term.

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