Keynesianism offered important tools for overcoming the economic crisis, but its application by Obama's government was too half-hearted and misdirected (going to banks rather than households) to effectively reduce the recession. Clinton paid the price.
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.
Until the European Commission shows it has learnt the lessons of the 2008 financial crisis and demonstrates the political will to re-regulate the financial sector, it will be unable to resolve the crises in Greece, Ireland and Portugal
The Irish government announcement of a €34 billion Euro bailout, two years after the financial crisis first broke, is a reminder that little has been done to prevent it happening again just as the social costs are becoming ever more evident.
El nuevo libro de Susan George, Sus crisis, nuestras soluciones (Icaria, 2010), analiza el régimen de globalización neoliberal e intenta explicar que las finanzas y la economía determinan un mundo enormemente desigual y que el planeta está viéndose reducido a la categoría de cantera y vertedero.
The Economist has attributed the term "deglobalisation" to Walden Bello. Whilst the magazine considers the term a negative one, Bello argues that it is fast becoming a reality and offers a paradigm for escaping the neoliberal straitjacket.
The more the authorities refuse to change the system, preferring stop-gap measures, the more they will be caught in a downward spiral and the more they will lose control of their policies — and the economy as well.