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Failures Of The Neoliberal Order

6 mins 5 mths

You know, one of the most fundamental failures of the neoliberal order over the last few decades has been its decimation of wage growth in Western economies. Not paying high enough wages to the world’s biggest consumers has hamstrung productivity in America. The US economy has been stuck in third gear for 20 plus years or more. All those smart cookies who thought it was a brilliant idea to move manufacturing offshore to developing countries, where they could pay workers peanuts, didn’t factor in the whole picture. Yes, production was much cheaper, but the impact on wages in America meant that consumers couldn’t afford to buy as much stuff.

Economics Fresh