After the New Economy: The Binge and the Hangover That Won't by Doug Henwood

By Doug Henwood

Filenote: PDF is searchable photo ocr, 296 pages with front/back hide and inside of flaps
Publish yr note: First released October 1st 2003

Journalist Doug Henwood's withering postmortem of the recent Economy.

Rarely an afternoon glided by within the dizzy Nineties with out a few well-paid pundit heralding the successful arrival of a "New Economy." based on those monetary experts, an extraordinary technological and organizational revolution had extinguished the specter of recession ceaselessly. even though a lot of the rhetoric sounds ridiculous at the present time, few analysts have explored how the recent economic system second emerged from deep inside of America's monetary and ideological machinery—instead, they've hottest to regard it as an episode of mass delusion.

Now, with standard irreverence and acuity, journalist Doug Henwood dissects the recent economic climate, arguing that the delirious optimism was once really a manic set of adaptations on historical issues, all promoted from the top of areas. Claims of recent Eras have lots of ancient precedents; during this most up-to-date act, our sleek mythmakers held that know-how may overturn hierarchies, democratizing details and finance and top inexorably to a digital social revolution. yet, as Henwood vividly demonstrates, the space among wealthy and bad hasn't ever been so broad, wealth by no means so focused. After the recent economic system deals an available and wonderful account of the less-than-lustrous truth underneath the gloss of the Nineties boom.

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Extra resources for After the New Economy: The Binge and the Hangover That Won't Go Away

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Happier for it? of a technorevolution, we're certainly not dividends in the form of a Hghter workload: Americans have to work awfully hard to make ends meet. Several charts on the fol- lowing pages make ably over the World War last II, to earn those far While average incomes have this point. — half-century more rapidly for the — slowly thereafter the incomes has risen with equal the average manufacturing first twenty-five years after amount of work necessary relentlessness. wage would have risen consider- to work earn the median family's income in 1947.

Economy was four times larger than in it was in 1980, and almost ten times larger than many ways we we stantly told state. It's feel more strapped than we did it was in 1970, in the past. We're con- "can't afford" universal health care or a civilized welfare one of the paradoxes of capitalism that the richer a person or a society gets, the poorer they often feel. Even allowing incompatible with real capitaHsm. What civiUans mists call "excess capacity," profits. This is exactly and it what happened which he was — bankruptcy built it, ^laid no one came: almost if no one can Alan ""Small It at first would be writings, his Is — are "abundance" econoand disappearing in telecommunications in the late in which Gilder was unable to beHeve that it a passionate had filed for thousands of miles of fiber-optic cable.

And though financial markets seem very fanciful, not only from production but even from social institutions that consolidate of the world (a appearing detached relations, they are actually ownership and control among the very rich point developed in the last chapter of this book). Much of the damage done to Southeast Asia in 1997 and 1998 and to Mexico in 1994 and 1995 was done by allegedly weightless to home, bond markets exert strict discipline financial flows. Closer on the economic poHcies of national and local governments, and shareholders have discipline been exerting strict on the companies they own.

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