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.
    Original languageEnglish
    Title of host publicationThe Obama Presidency and the Politics of Change
    EditorsEdward Ashbee, John Dumbrell
    Place of PublicationNew York
    PublisherPalgrave Macmillan
    Publication date2017
    ISBN (Print)9783319410326
    ISBN (Electronic)9783319410333
    Publication statusPublished - 2017
    SeriesRoutledge Studies in the History of the Americas


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

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