The crisis of the 1970s exploded the dominant ways of thinking about growth – which, among other things, held that you couldn’t have high unemployment and high inflation at the same time, and which really hadn’t accounted at all for the shock of rising oil prices. That created an opening for a new way of thinking about the economy, a school of thought that abandoned most of the tools that had been used to manage economic growth, that advocated de-regulation, privatization, and austerity, a way of thinking that we now call Neoliberalism. Mark Weisbrot joins us to trace the history of what that dogma did in the real world – and what happened in the countries that never bought into it.
Guests:
- Mark Weisbrot, co-director of the Center for Economic and Policy Research, now author of Failed: What the “Experts”Got Wrong About the Global Econom