The paper argues that global Neoliberalism creates both chronic sluggish aggregate demand growth and chronic excess aggregate supply, and that these tendencies reinforce one another in a vicious circle. Stagnant global demand has unleashed destructive competition in core global markets, creating...

Korea's state-led, bank-based, and closed financial system helped generate its impressive development record from 1961 until the 1997 crisis. However, an ill-conceived liberalization process in the early 1990s eventuated in an IMF takeover in late 1997. Post-crisis neoliberal restructuring,...

This paper examines certain structural macroeconomic relations in the neoliberal global economy. The current global economy rests upon three unsustainable trends: the debt-driven U.S. consumption expansion; China’s excessive investment expansion; and the large and rising U.S. current account...

Since 2003, world economic growth has accelerated and there has been strong improvement in corporate profitability. The U.S. current account deficits and China’s dramatic economic rise have been the two pillars underpinning the current global economic expansion. The coming years are likely to...

This paper examines the correlates of rentier returns – returns to the ownership of financial assets – in a sample of OECD countries between 1960 and 2000. The authors develop a simple bargaining model among three classes – industrial capitalists, rentiers and workers – and show that...