Contradictions of Economic Growth in the Neoliberal Era: Accumulation and Crisis in the Contemporary U.S. Economy

Abstract

In the neoliberal form of capitalism, economic expansion tends to be accompanied by rising profits and stagnant wages, creating a potential problem of overproduction. This obstacle to expansion has been overcome in the U.S. economy in the neoliberal era through rising household debt and the emergence of asset bubbles. However, certain trends in the U.S. economy suggest that the past methods of promoting expansion and averting severe crises in the neoliberal era may be becoming nonviable. JEL classification: E32, N12, E11

Keywords

neoliberalism debt bubbles accumulation crisis

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