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Neoliberalism’s Bailout Problem
Article

Neoliberalism’s Bailout Problem

Mainstream economics ignores the massive government interventions that “free market” capitalism requires.

Robert Pollin and Gerald Epstein
Boston Review, 2021
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Editorial Rating

8

Qualities

  • Eye Opening
  • Well Structured
  • Engaging

Recommendation

Neoliberalism is inherently contradictory, shunning government intervention while relying on it to avert financial market collapses, say economists Robert Pollin and Gerald Epstein in this sharp critique. They cite the bailouts that only lead to more bailouts in what has become an economic doom loop, and they note that these interventions, absent regulation, fail to discipline investors. Too-big-to-fail capitalism needs revamping, the authors contend, and they offer alternatives that will give readers some intriguing food for thought.

Take-Aways

  • Neoliberalism began driving economic policy around the world in the early 1980s.
  • Neoliberalism’s acolytes deride the heavy hand of government yet have come to depend on it.
  • Policy makers have three options for maintaining a capitalist economy.

About the Authors

Robert Pollin and Gerald Epstein are professors of economics at the University of Massachusetts, Amherst, and they are founding directors of the Political Economy Research Institute.

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