
Jacobin Radio The Dig: Counterrevolution w/ Melinda Cooper
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Oct 1, 2025 Melinda Cooper, a sociologist and author of "Counter-Revolution: Extravagance and Austerity in Public Finance," dives into the fiscal and monetary dimensions of neoliberalism. She describes how asset-driven capitalism arose post-1970s crisis, emphasizing tax cuts and anti-inflation policies that prioritized asset appreciation. Cooper explores the detrimental effects of class hierarchies fueled by property ownership, the cultural politics of the tax revolt, and the evolving dynamics of unions. This rich discussion connects economic shifts to broader social consequences.
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1970s Crisis Threatened Capital's Discipline
- The 1970s crisis was systemic: rising labor power and a stronger social wage threatened capital's discipline.
- Schumpeter and Kalecki warned that a powerful fiscal state could enable fiscal redistribution or revolution.
Volcker Was The Point Of No Return
- Volcker's anti-inflation shock reversed possible progressive monetary responses and restored investor confidence.
- That made a neoliberal turning point by disciplining labor and returning capital to US bonds.
Supply-Side Obsession With Capital Gains
- Supply-siders focused obsessively on restoring capital gains value via tax preferences.
- Their aim was to resurrect capital formation through incentives for asset appreciation.











