THE RISE AND FALL OF THE NEOLIBERAL ORDER

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THE RISE AND FALL OF THE NEOLIBERAL ORDER

Name: THE RISE AND FALL OF THE NEOLIBERAL ORDER
Author: Gary Gerstle
ISBN: 978-0-19-751964-6

AMERICA AND THE WORLD IN THE FREE MARKET ERA

by Gary Gerstle ‧ RELEASE DATE: April 5, 2022

A cogent, erudite historical analysis.

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A survey of the profound political changes that have marked the last 50 years.

Historian Gerstle connects the current state of American politics—characterized by a rise of enthnonationalism and populism, distrust of open borders and free trade, and disillusion with democracy itself—with the fall of neoliberalism, which had prevailed from the 1970s through the 1990s. He traces the germs of neoliberalism to the 18th century, when classical liberalism promised “new forms of government, new ways of organizing the economy, and new possibilities for cultivating the self.” In the 1920s and ’30s, liberalism, often conflated with progressivism, shaped Franklin Roosevelt’s New Deal, whose “broad commitment to the public good” included government oversight of capitalism to control the dangerous market forces that led to the Great Depression. In the 1950s, however, what appeared to be an “organized and bureaucratized society” was assailed as “suffocating the human spirit,” a feeling that became exacerbated in the next decade. The oil crisis and recession of the 1970s opened the door to Ronald Reagan, the “ideological architect” of neoliberalism. Reagan melded a policy of deregulation, open borders, and globalization with a revival of neo-Victorian values of order, discipline, strong families, and self-reliance. “Many of the principals in the story of neoliberalism’s rise,” Gerstle notes, came to identify themselves as conservatives. After the fall of the Soviet Union, a push to foster the “capitalist penetration” of new markets in parts of the world that emerged from communist rule further fueled the tenets of neoliberalism—and positioned Bill Clinton as its “key facilitator.” Gerstle sees failing economic and political policies under George W. Bush and Barack Obama, as well as the recession of 2008, as giving rise to the Tea Party, Occupy Wall Street, and Black Lives Matter: protests from left and right that laid the groundwork for Donald Trump. Acknowledging that neoliberalism is broken, Gerstle sees the nation’s prevailing disorder and dysfunction auguring both “great possibility” and “great peril.”

A cogent, erudite historical analysis.

Pub Date: April 5, 2022

ISBN: 978-0-19-751964-6

Page Count: 408

Publisher: Oxford Univ.

Review Posted Online: Jan. 4, 2022

Kirkus Reviews Issue: Feb. 1, 2022

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THE CRISIS OF DEMOCRATIC CAPITALISM

by Martin Wolf ‧ RELEASE DATE: Feb. 7, 2023

A vigorous defense of democratic capitalism worthy of the name.

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A close look at the push-and-pull, often dysfunctional workings of democracy and capitalism.

Distinguished financial journalist Wolf, author of The Shifts and the Shocks, opens by noting his generally pessimistic outlook, which enables him to be pleasantly surprised when things don’t go down in flames. “I have never taken peace, stability, or freedom for granted and regard those who do as fools,” he writes. Considering the rise of authoritarianism and the supremacy of predatory capitalism, he has reason to be glum, but while he seldom brightens from his starting point, neither does he write off the democratic experiment as dead. Even so, he notes, “a liberal democracy is a competition for power between parties that accept the legitimacy of defeat.” A healthy capitalist economy is one that values things other than profit, which, the author argues, should not be the sine qua non of the reigning ideology but instead “a by-product of pursuing other goals, such as making excellent cars or providing reliable advice.” While the autocracies of Orbán, Erdogan, Xi, Putin, and Trump are essentially mediocre, combining “the vices of populism with the evils of despotism,” they can still prevail. But as long as capitalism does not slide into autarky and democracy does not devolve into authoritarianism, the joined system of democratic capitalism has a chance of thwarting the ambitions of, say, China, which by Wolf’s account represents the greatest existential threat to the West. Chinese officials do not necessarily want military dominance; rather, they seek to “make trade, commerce, and investment the foundation of a Chinese-led global order.” In order to maintain a functioning system of democratic capitalism, Wolf argues for the renewal of a social contract that renounces nationalism and extends citizenship as “the tie that binds people together in a free and democratic society,” creating a true level playing field.

A vigorous defense of democratic capitalism worthy of the name.

Pub Date: Feb. 7, 2023

ISBN: 9780735224216

Page Count: 496

Publisher: Penguin Press

Review Posted Online: Dec. 7, 2022

Kirkus Reviews Issue: Jan. 1, 2023

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PUTIN

by Philip Short ‧ RELEASE DATE: July 26, 2022

Required reading for anyone interested in global affairs.

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The author of authoritative books on Mao and Pol Pot returns with another impressive yet disturbing account of a dangerous world leader.

Events in Ukraine will spur sales of this thick biography, but any praise is well deserved, as Short offers an insightful and often discouraging text on the Russian president. Born in 1952 in Leningrad, he grew up in a tiny, shabby apartment shared with two other families. Entering the KGB in 1975, he left in 1991 to join Leningrad’s city government in the exhilarating aftermath of Gorbachev’s perestroika. Diligent and efficient, Putin rose to prominence and moved to Moscow in 1996, becoming President Boris Yeltsin’s trusted assistant and then successor in 2000. Russia’s constitution (approved under Yeltsin) gives its president far more powers than America’s, but Short shows how Putin’s KGB background lowered his inhibitions on imprisoning or murdering political opponents; as time passed, his word became law. The author has no quarrel with the accusation that Putin destroyed the democratic liberties that followed glasnost, but he also points out that, for most Russians, the 1990s were a time of crushing poverty, crime, and disorder. Early on under Putin, living standards increased, and the streets became safer. Few Russians admire the Soviet Union, other than its status as an empire and great power. Many Russians, including Putin, are angry about how the U.S. boasted of victory during the Cold War, gave advice but little else during the lean years, and broke its promise not to expand NATO to former Soviet nations, thereby stoking Russia’s long-standing paranoia about being surrounded by enemies. Putin’s 2014 seizure of Crimea and backing of secessionists in eastern Ukraine remain popular, and many Russians support the invasion of Ukraine despite its difficulties. Having read obsessively and interviewed almost everyone, Putin included, Short delivers a consistently compelling account of Putin’s life so far. Contradictions abound, and the author is not shy about pointing out frank lies from sources that include Putin as well as his enemies.

Required reading for anyone interested in global affairs.