Slow Growth, Destructive Competition, and Low Road Labor Relations: A Keynes-Marx-Schumpeter Analysis of Neoliberal Globalization

Authors

James Crotty, University of Massachusetts Amherst

Working Paper Number

6

Publication Date

2000

Comments

Working Paper 6

Abstract

This essay begins with a brief overview of the standard arguments for and against global Neoliberalism and an overview of economic performance in the Neoliberal era. Section II argues that the micro theory appropriate to an analysis of the likely effects of global liberalization is not the neoclassical theory of perfectly competitive markets relied on by Neoliberal supporters, but Joseph Schumpeter’s theory of “natural oligopolies.” Section III presents a theory of the structural contradictions of global Neoliberalism that integrates a Keynesian-Marxian macro perspective with Schumpeterian and Marxian micro theory. The last section considers the political and policy 1implications of the analysis.

DOI

https://doi.org/10.7275/1274344