Nikolai Huke, David Bailey, Mònica Clua-Losada, Julia Lux, Olatz Ribera Almandoz
02 May 2018
EU institutions and governments responded to the Eurozone crisis with a combination of austerity and authoritarianism that increased precarity and eroded liberal democracy. However, a survey of social movements shows that this technocratic depoliticization was only partially successful as the increasing exclusion of people from democratic decision-making also sparked novel forms of organizing that have opened up potential avenues for radical social change.
The derailment of progressive Keynesianism by Obama’s conservative, technocratic Keynesianism resulted in a protracted recovery, continuing high unemployment, millions of foreclosed or bankrupt households fending for themselves, and more scandals in a Wall Street where nothing had changed. Obama did not pay for this tragic outcome in 2012, but Hillary Clinton did in 2016.
This paper dissects the Japanese bubble economy in the late 1980’s and early 1990’s and the Asian Financial Crisis in 1997-98 and shows how they shaped Asia’s capacity to deal with and respond to the 2008 global financial crisis. It looks at how China emerged seemingly unscathed, but warns that the inroads of speculative financial capital into China and East Asia along with ongoing problems of over-production means that a future financial crisis is highly probable.