Economic Ideas in Political Time The Rise and Fall of Economic Orders from the Progressive Era to the Global Financial Crisis
Book contents
- Economic Ideas in Political Time
- Reviews
- Economic Ideas in Political Time
- Copyright page
- Contents
- Preface
- Book part
- Part I Theoretical and Historical Foundations
- Part II The Construction, Conversion, and Collapse of the Keynesian Order
- Part III The Construction, Conversion, and Crisis of the Neoliberal Order
- 6 Constructing the Neoliberal Order: Breaking Labor and Boosting Finance
- 7 Converting the Neoliberal Order: Toward the New Keynesianism
- 8 Constructing the Global Financial Crisis: From Accommodation to Iteration
- Part IV Conclusions
- Bibliography
- Index
6 - Constructing the Neoliberal Order: Breaking Labor and Boosting Finance
from Part III - The Construction, Conversion, and Crisis of the Neoliberal Order
Published online by Cambridge University Press: 05 July 2016
Book contents
- Economic Ideas in Political Time
- Reviews
- Economic Ideas in Political Time
- Copyright page
- Contents
- Preface
- Book part
- Part I Theoretical and Historical Foundations
- Part II The Construction, Conversion, and Collapse of the Keynesian Order
- Part III The Construction, Conversion, and Crisis of the Neoliberal Order
- 6 Constructing the Neoliberal Order: Breaking Labor and Boosting Finance
- 7 Converting the Neoliberal Order: Toward the New Keynesianism
- 8 Constructing the Global Financial Crisis: From Accommodation to Iteration
- Part IV Conclusions
- Bibliography
- Index
Summary
In chapter six, I address the Reagan construction of the Great Stagflation and legitimation of a neoliberal order, premised on the breaking of labor and bolstering of finance. Abandoning gradualist fine tuning, Reagan’s firing of striking air traffic controllers combined with Volcker’s monetary restraint to limit wage pressures for a generation. Bolstering financial interests, Volcker set the template for subsequent crisis-management as he convened private financial agents to contain the Latin American debt crisis, and as his successor Alan Greenspan managed the 1987 “Black Monday” crash.
- Type
- Chapter
- Information
- Economic Ideas in Political TimeThe Rise and Fall of Economic Orders from the Progressive Era to the Global Financial Crisis, pp. 135 - 156Publisher: Cambridge University PressPrint publication year: 2016