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View Diary: Fukuyama: Democrats Drank the Neoliberal Kool Aid, Wall Street Seduced Economists (237 comments)

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  •  What happened? (6+ / 0-)
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    ferg, chuckvw, Goldfish, NoMoreLies, elwior, J M F

    That's easy - the economic left was destroyed and the collapse of the USSR marked a collapse in any alternative economic model in the US.  It started with the "opening" of China to US markets.  Strikes had no effect anymore; companies could just close the factory in the US and open it in China.  Which is what they did.

    And the rise of neo-liberalism occurred at the same time as the collapse of the USSR; that isn't really discussed, but most people at the time said that the USSR's collapse was a sign that (1) communism is a failure, and (2) neo-liberalism/Reagan economics works.  They ignored the fact that these two things were not connected.  The USSR used to provide a kind of economic check - as long as the USSR was around and appeared to be strong, the neo-liberals couldn't claim to be the only successful economic model.  There was an actual academic debate over which was better for a society.  After the collapse, the neo-libs claimed victory (ignoring the fact that the US succeeded by having checks on "capitalism").  And so we went about obliterating anything that was remotely communist - social safety net, regulations on banks, etc.  It started under Reagan, but the "left" didn't adopt it until the  USSR collapsed.

    •  It wasn't just the USSR. (3+ / 0-)
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      corvo, mochajava13, J M F

      Once they stopped funneling money to their client states, the remaining small communist economies quickly collapsed as well.

      The final nail on the coffin was trade liberalization with China, where the last communist nation essentially threw in the towel and embraced capitalism (Well, mercantilism, but that's a form of capitalism)

      About all that's left is Cuba these days.

      •  The USSR also had the issue (0+ / 0-)

        that it was an inherently Imperialist power trying to pretend it wasn't, and any time Moscow eased up on the "Near Abroad", the Near Abroad would make a play to end their imperial enslavement.

        It boggles my minds that there are to this day still Marxists who will defend the Soviet Union while decrying US imperialism. The US may have one hell of an empire, but it's bush league compared to what the Soviets had going.

        The Angries are back

        by Goldfish on Tue Dec 21, 2010 at 06:40:23 PM PST

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    •  What's ironic (1+ / 0-)
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      is that the more neoliberalism takes hold, the more and more we grow to emulate the worst aspects of the Marxist-Leninist state.

      The Angries are back

      by Goldfish on Tue Dec 21, 2010 at 06:37:36 PM PST

      [ Parent ]

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