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GEA 2011 Murphy In - In the Eye of the Storm Updating the Economics of style Update Alick to edit Master subtitle Global Cn Introduction to Robert

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Click to edit Master subtitle style 2/19/11 In the Eye of the Storm: Updating the An Introduction to Robert Brenner’s Update by Taggart Murphy
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2/19/11 Robert Brenner, The Murphy’s essay is basically a “conversation” between Brenner and himself. Murphy quotes Brenner’s analysis of today’s economic instability. Then, Murphy interprets and comments on Brenner’s analysis. In his comments, Murphy specifically applies Brenner’s analysis to East Asian economies.
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2/19/11 “The scrape of coffin lids opening” John Maynard Keynes “regulated economy” John Kenneth Galbraith “short memories of financial markets” Thorstein Veblen Theory of the Leisure Class Anthony Trollope’s novels “rapacious behaviour of capitalists” Karl Marx “prophet of the demise of capitalism” All “contend that neoclassical, rational choice
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2/19/11 Comparing Brenner and Steger Steger describes break in early 1970s global economy: Bretton Woods system based on Keynesian economics advocating gov’t intervention for a healthy economy l post-Bretton Woods system based on Free Trade and neoliberal ideals of limited regulation and open markets.
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2/19/11 Comparing Brenner and Steger Brenner sees continuation of post-WWII global economy based on global manufacturing overcapacity and trade deficits: increasingly risky credit bubbles are created by Keynesian gov’t intervention. These are required in order to sustain capital accumulation and profitability.
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2/19/11 What to call current system? Steger Free Market economics Neoliberal political thinking Brenner Right wing, monetarist, “neoclassical” economics (18th century: Adam Smith, David Ricardo) Laissez-faire political thinking
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2/19/11 Brenner’s analysis “One has therefore witnessed for the last dozen years or so the extraordinary spectacle of a world economy in which the continuation of capital accumulation has come literally to depend upon historic waves of speculation , carefully nurtured and publicly rationalized by state policy makers and regulators—first in equities between 1995 and 2000, then in housing and leveraged lending between 2000-2007. What is good for Goldman Sachs –no longer GM—is good for America.” p. 6
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2/19/11 Murphy’s interpretation If this is correct, there is no easy fix for our problems. The blowing of asset bubbles is not an
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This note was uploaded on 02/18/2011 for the course ASIAN STUD 245 taught by Professor Schalow during the Spring '11 term at Rutgers.

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GEA 2011 Murphy In - In the Eye of the Storm Updating the Economics of style Update Alick to edit Master subtitle Global Cn Introduction to Robert

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