The Failure of Anglo-liberal Capitalism (Building a Sustainable Political Economy: SPERI Research & Policy)

Colin Hay argues that the crisis in which we are still mired is best seen as a crisis of growth and not as a crisis of debt. It is a crisis of and for an excessively liberalised form of capitalism and the Anglo-liberal growth model to which it gave rise. The global financial crisis has generated an intense debate in academic, business, journalistic and political circles alike about what went wrong and how to put it right. In this provocative reassessment of the crisis and its implications, Colin Hay argues that it is only by acknowledging the complicity and culpability of an Anglo-liberal model of capitalism in the inflation and then bursting of the bubble that we can begin to see the full extent of what is broken and what now must be fixed. He argues that the crisis is best seen as a crisis of and indeed for growth and not as a crisis of debt. It is, moreover, a crisis of and for an excessively liberalised Anglo-American form of capitalism and the Anglo-liberal growth model to which it gave rise. This is a form of capitalism and a growth model that was inherently unstable and threatened the entire world economy -- its excesses cannot be tolerated again Front Matter....Pages i-viii Introduction....Pages 1-5 The Unfolding of the Crisis — In Three Waves....Pages 6-16 A Fiscal Crisis of and for the State?....Pages 17-21 The Anglo-liberal Growth Model....Pages 22-32 From Bubble Burst to Austerity....Pages 33-47 Getting What Went Wrong Right ... And Putting It Right....Pages 48-61 Conclusion — Crisis, What Crisis?....Pages 62-64 Back Matter....Pages 65-71