Emerging From The Global Recession Of 1973-1975 - 2054 Words

Emerging from the global recession of 1973-1975, the resulting surge of neoliberalism transformed the global economy into a secularized faith that draws on anxiety and responsibility for sustenance. Debt answers to anxiety and allows for a greater participation in the economy, subsequently, debtors become shackled to their indebtedness, which evolves into a continuous moral burden. The relationship between credit and debt has developed into a necessary technique of govern ­ment under neoliberal regimes, as a means of securing order in an era that has seen a rapid growth of poverty and inequality. Consequently, the conversion from Keynesianism to Neoliberalism required five compulsory reforms: one, rollback of the welfare state to eliminate social safety nets, two, an attack on the power of organized labor to stagnate wages, three, precarization of labor markets to incite occupational anxiety, four, financialization of the economy to exacerbate income inequality and finally fifth, exponential expansion of debt, which restrains debtors and holds the system together. Therefore, Neoliberalism reorganized Keynesian capitalism to secure hegemony of finance capital, a project of the wealth-owning classes to reverse the impediments they had encountered during the era of Keynesian social welfare. Prior to the Great Depression, global economic policy had remained consistent since the 17th century, laissez-faire. Incidentally, in 1929, the stock market crash and the Great DepressionShow MoreRelated OPEC Power: Past And Present Essay1676 Words   |  7 Pageswell as pressing foreign policy issues that need to be addressed, as both are certainly detrimental to our economic well being. nbsp;nbsp;nbsp;nbsp;nbsp;The Organization of Petroleum Exporting Countries has a membership of 11 countries ranging from United Arab Emirates to the Socialist People’s Libyan Arab. The members of OPEC currently supply more than 40 per cent of the worlds oil and they possess about 78 per cent of the worlds total proven crude oil reserves. Our world economy depends uponRead MoreThe United States : The World s Largest National Economy1939 Words   |  8 Pages The United States is the world s largest national economy, representing 22% of nominal global GDP and 17% of global GDP. The United States GDP was estimated to be $17.914 trillion as of Q2 2015. 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