Managing a Regime in Crisis: The Twilight of Neoliberalism and the Politics of Economic Recovery During the First Year of the Obama Administration
Kristoffer Smemo provides a historical overview of flawed economic policies that led up to the Great Recession. The Great Recession is presented as an economic regime on the verge of collapse. For Smemo “Privatized Keynesianism,” that is, private sector advocacy of monetary and fiscal policies to increase employment and spending, led to the meltdown of the economy. His analysis brings together the nexus of business and political party politics. He questions the leadership of Obama during the Great Recession. Instead of trying to reform the system, Obama policies assisted Wall Street, banks, and automobile makers to embolden past economic policies. This chapter links President Obama’s to his predecessors’ economic policies.