Macroeconomic Policy and Processes of Neoliberalization During the Obama Years

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    This chapter considers the fiscal and monetary policies pursued during the Obama years. It argues that notwithstanding the early hopes among the president’s backers of a radical policy shift, the effects of the fiscal and monetary policies that were pursued accelerated the neoliberalization of the US economy. Although fiscal policy was initially expansive, it quickly turned to fiscal consolidation. In contrast, monetary policy has been expansionary. It created “winners” and “losers”, thereby fuelling inequalities, weakening former solidarities and adding to the relative economic and political weight of finance capital. Thus, whereas the New Deal reforms changed the direction of US politics and restructured the governing regime, the net effects of the fiscal and monetary policies that have been pursued since 2009 bolstered a regime that had become increasingly entrenched over the preceding decades.
    TitelThe Obama Presidency and the Politics of Change
    RedaktørerEdward Ashbee, John Dumbrell
    UdgivelsesstedNew York
    ForlagPalgrave Macmillan
    ISBN (Trykt)9783319410326
    ISBN (Elektronisk)9783319410333
    StatusUdgivet - 2017
    NavnRoutledge Studies in the History of the Americas


    • Fiscal policy
    • Monetary policy
    • Quantitative easing
    • Federal Reserve
    • Neoliberalism