Capitalism Unleashed Finance, Globalization, and Welfare

Free enterprise is off the leash and chasing new opportunities for profit making across the globe. After a turbulent century of unprecedented social and technological change, Capitalism has emerged as the dominant ideology and model for economic growth in the richest, most developed countries. But only thirty years ago economic growth was faltering, inflation rising and the Left were arguing for greater state intervention in industry. How did this remarkable transformation happen? And whatprice have we paid in the process? This accessible and persuasive book challenges the notion of our capitalist destiny. It provides a clear and concise history of the problems facing the economies of Europe, Japan and the US during the latter half of the twentieth century and questions whether capitalism has really brought the levels of economic growth and prosperity that were hoped for. Andrew Glyn then looks at the impact the rapidly developing economies of China and the South are likely tohave on the older economies of the North. As the race is on to maintain growth and protect competitive advantage, Glyn asks: is the 'race-to-the bottom' inevitable as the anti-globalisers predict, with welfare states being dismantled to meet competitive demands? Or is there an alternative model which sees a strong commitment to welfare provision as essential to economic growth? Can we afford not to tackle inequality at home as well as abroad?

Andrew Glyn has been Tutor in Economics at Corpus Christi College Oxford since 1969,was an economic advisor to the National Union of Mineworkers, has been a consultant for the the International Labour Organisation and the UK Treasury and co-edits the Oxford Review of Economic Policy. He co-authored several books on post-war capitalism, edited Social Democracy in Neoliberal Times (OUP, 2001) and has published journal articles on unemployment, profitability, globalisation and the history of economic thought and newspaper articles on current economic policies.