In ZMagazine’s Neoliberalism and Bottom-Line Morality: Notes on Greenspan, Rubin, and the Party of Davos (pasted below), Edward S. Herman dissects the hypocrisy and self-serving worldviews of the dominant “business economists.” In particular he looks at the role Alan Greenspan and the Clinton administration played in preparing the ground for the worldwide economic crash we’re experiencing now.
Neoliberalism and Bottom-Line Morality
Notes on Greenspan, Rubin, and the Party of Davos
By Edward S. Herman, December, 01 2008
From the Reagan era onward I have been impressed with how regularly liberal and left-leaning economists I knew, who went to work in industry and finance, very soon became pro-business, anti-labor, and politically right wing. I think that what got to them was not only the impact of association with businesspeople, but the fact that business profitability became central to their own performance. As business economists, wage increases would seem bad—as encroaching…
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