The Revenge of the Capitalist Class: Crisis, the Legitimacy of Capitalism and the Restoration of Finance from the 1970s to Present

@article{Volscho2015TheRO,
  title={The Revenge of the Capitalist Class: Crisis, the Legitimacy of Capitalism and the Restoration of Finance from the 1970s to Present},
  author={Thomas W. Volscho},
  journal={Critical Sociology},
  year={2015},
  volume={43},
  pages={249 - 266}
}
In the 1970s, US capitalism suffered a legitimacy crisis as the economy was mired in high inflation, unemployment, and slower growth. The rate of profit had been decreasing since the late 1960s and by the mid-1970s Wall Street was in poor shape. Capitalists politically mobilized in the 1970s to restore the rate of profit and to restore power to economic elites. In this article, I examine changes to the American economic system with special focus on the perspectives of capitalist elites. While… 

Money Supply, Class Power, and Inflation

Recent sociological work shows that pro-market neoliberal policies across advanced capitalist countries are due to distributional struggle between classes in the 1970s and 1980s. The orthodox

Service Labor, Freedom, and the Technique of Tipping

Tipping has been a legally recognized form of labor remuneration in the United States for many decades, but it is experiencing a resurgence outside of its usual confines in the hospitality sector.

Financialization and income inequality: bringing class struggle back in

Financialization and rising income inequality are two of the most pronounced economic developments of recent decades, and there is increasing evidence that these trends are somehow related. However,

Conclusion and Implications

This concluding chapter first highlights the main arguments and findings of the present study, and then discusses its theoretical, social, and policy implications. Theoretically, it covers three

Neoliberalismo

El neoliberalismo es el resurgimiento de las ideas asociadas al liberalismo clásico (laissez faire)1 2 o primer liberalismo desde las décadas de 1970 y 1980,3 aunque existe información que data la

References

SHOWING 1-10 OF 130 REFERENCES

The Crisis of Neoliberalism

This book examines “the great contraction” of 2007–2010 within the context of the neoliberal globalization that began in the early 1980s. This new phase of capitalism greatly enriched the top 5

Capitalism Unleashed

Andrew Glyn’s global review of the development of economic policy and performance over the last half century will be valuable, both to students of economics and anyone interested in this critical

Contradictions of Economic Growth in the Neoliberal Era: Accumulation and Crisis in the Contemporary U.S. Economy

In the neoliberal form of capitalism, economic expansion tends to be accompanied by rising profits and stagnant wages, creating a potential problem of overproduction. This obstacle to expansion has

Corporate Mobilization and Political Power: The Transformation of U.S. Economic Policy in the 1970s

Despite their otherwise divergent arguments, pluralist, state-centered, and neo-Marxist "relative autonomy" conceptions of political power in capitalist societies share the view that the "capitalist

Contemporary Capitalism and its Crises

This volume analyses contemporary capitalism and its crises based on a theory of capitalist evolution known as the social structure of accumulation (SSA) theory. It applies this theory to explain the

The politics of free markets

The attempt to reduce the role of the state in the market through tax cuts, decreases in social spending, deregulation, and privatization—“neoliberalism”—took root in the United States under Ronald

Marxism and the Three Movements of Neoliberalism

This article proposes a Marxian conceptual and empirical framework for understanding the disparate research on neoliberalism. In so doing, it examines the logic and processes of neoliberal

"Free the Fortune 500!" The American Enterprise Institute and the Politics of the Capitalist Class in the 1970s

During the 1980s conservative U.S. policies were shaped by the prior work of a well-funded network of private policy-planning organizations, notably the American Enterprise Institute. During the

The Crisis of Liberal Democratic Capitalism: The Case of the United States

ternative, however, requires a clear analysis of the origins of the crisis and a consistent set of principles for its resolution. Our aim here is to question two elements of traditional Marxist

Neoliberalism, Piven and Cloward's Bargaining Theory, and Wages in the United States, 1965-2006

The political economy of the United States during the last thirty years has been described as neoliberal. Part of the neoliberal turn involves reducing or eliminating income support programs such as
...