After the gold rush
After the gold rush
John Gray
The spree is over, the global economy is in ruins and our political masters are in disarray. Make no mistake, writes John Gray, the neoliberal era is over – but at what cost?
Meltdown: the End of the
Age of Greed
Paul Mason
Verso, 208pp, £7.99
One of the more entertaining ironies of the global financial crisis is the United States government demanding that the rest of the world follow its lead in implementing radical Keynesian policies. It is not just that after the36of the past months few people take American pretensions to financial leadership seriously any longer. More to the point, no Keynesian policies of any kind had a place in the economic orthodoxy – the deservedly forgotten “Washington consensus” – that US officials preached to the world, and imposed on various countries through the IMF and the World Bank, during the decades that preceded the outbreak of the crisis. Then, sound money and balanced budgets were the touchstones of economic virtue – not, of course, for the US, which has always displayed a fine disregard for these neoliberal dogmas in its own case, but for everyone else, and most particularly for the world’s poor countries.