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Review of Radical Political Economics
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Contradictions of Economic Growth in the Neoliberal Era: Accumulation and Crisis in the Contemporary U.S. Economy

David M. Kotz

Department of Economics and Political Economy Research Institute, University of Massachusetts at Amherst, Amherst, MA 01003, USA, dmkotz{at}econs.umass.edu

In the neoliberal form of capitalism, economic expansion tends to be accompanied by rising profits and stagnant wages, creating a potential problem of overproduction. This obstacle to expansion has been overcome in the U.S. economy in the neoliberal era through rising household debt and the emergence of asset bubbles. However, certain trends in the U.S. economy suggest that the past methods of promoting expansion and averting severe crises in the neoliberal era may be becoming nonviable. JEL classification: E32, N12, E11

Key Words: neoliberalism • debt • bubbles • accumulation • crisis

This version was published on June 1, 2008

Review of Radical Political Economics, Vol. 40, No. 2, 174-188 (2008)
DOI: 10.1177/0486613407310569
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 Review of Radical Political EconomicsHome page
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