Red Medicine The Neoliberal Counterrevolution w/ Melinda Cooper
Jul 23, 2024
Melinda Cooper, a Professor in Sociology at the Australian National University, dives into the complex dance of austerity and extravagance shaping neoliberal monetary policy. She illuminates how the crises of the 1970s birthed a counterrevolution against Keynesian economics, affecting wealth distribution and public finance. Discussing the regressive nature of capital gains tax cuts, she critiques their benefits for the wealthy. The conversation also touches on how reproductive rights debates reflect changing social dynamics amidst these ideological shifts.
AI Snips
Chapters
Transcript
Episode notes
Neoliberal State Strategy
- Neoliberal states combine austerity with growing public debt.
- This involves cutting public spending while increasing tax cuts, benefiting the wealthy and homeowners.
Neoliberal Counter-Revolution
- The neoliberal counter-revolution wasn't a backlash against New Deal liberalism, but against left-wing movements challenging it.
- These movements pushed Keynesianism to its limits, impacting profit shares and wage inflation.
Neoliberal Fiscal Politics
- Two key neoliberal schools of thought shaped fiscal politics: the Virginia School and the Supply Side School.
- The Virginia School focused on austerity, while the Supply Side School advocated for tax cuts and managing inflation.