The market turn/Neoliberalism. From stylised charts to stylised facts.
Duncan Weldon
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Interesting, and i think right. The distribution of debt is different in Asia: China and India have a growing corporate and bank debt crisis. One important point though, is that the story about ‘social democracy to neoliberalism’ needs revising badly: state spending as a % of GDP only takes off in the late 1960s (as Offer’s graph shows), and I’d suggest is itself a response to a crisis of sorts: rising expectations about services and consumption, reals wages starting to stagnate, and the gap being made up by transfer payments, &ca. cf Claus Offe & Barry Eichengreen from two very different perspectives.

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