erc/metu
INTERNATIONAL CONFERENCE IN ECONOMICS  IV
September 13-16, 2000, Ankara

The New Phase of Capitalism: Neoliberal Orders and Disorders

Gerard Dumenil (Universite Paris X, France)

Abstract  

The paper first recalls the main features of the decline of the profit rate within major capitalist countries from the late 1960s to the early 1980s, and discusses the recovery which occurred since then (its degree and factors). The impact of the new neoliberal order, the expression of the reassertion of the power of finance in the late 1970s, is then considered. Did finance prolong the crisis of the 1970s or create the conditions of the new phase--or both? What were the consequences of neoliberalism on accumulation, employment, technical change, wages, the income of upper classes, inequalities? Are we entering a new period of stability and growth or rushing toward a new major financial crisis, affecting now the capitalist center?

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