The End Of Influence: Here's What Will Happen To America Now That Other Countries Have The Money
Stephen Cohen and Brad DeLong | Jan. 5, 2010
Excerpt from Stephen S. Cohen and J. Bradford DeLong (2010), The End of Influence: What Happens When Other Countries Have the Money (New York: Basic Books). Read more at Amazon or on Brad DeLong's blog. Reprinted with permission.
For more than a quarter century now the countries of the world have been dreaming the neoliberals' dream. They have been trying to shrink their states back to their core competencies to promote economic efficiency, global economic integration, and growth, and to slash through red tape, rent-seeking, and simple corruption. They have been actively privatizing state holdings. They have hugely reduced their ownership and their active involvement in "national champion" companies. They have cut back on interventions to affect market outcomes and on regulation to scrutinize and control market players.
But now they are waking up. And the neoliberals' dream is at an end. more