Neoliberalism, Global Imbalances, and Stages of Capitalist Development

Andong Zhu and Minqi Li

Working Papers from Political Economy Research Institute, University of Massachusetts at Amherst

Abstract: 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 deficits. When these trends are eventually reversed or corrected, there could be major upheavals in the world economy. The decline of neoliberalism may pave the way for a new set of economic, political, and social institutions.

Keywords: Neoliberalism; U.S. Economy; Chinese Economy; Imbalances; Long Waves (search for similar items in EconPapers)
JEL-codes: E12 F01 F32 O51 O53 (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (2)

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