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Gérard Duménil
Dominique Lévy

Keywords

Neoliberalism - Neoimperialism


by Gérard Duménil , Dominique Lévy

23 September 2005

It is always difficult to locate with precision the origin of a complex phenomenon such
as the phase of capitalism, known as neoliberalism. The decision, in 1979, by the Federal
Reserve to increase interest rates at any level required to curb inflation can, however, be
considered as an emblematic event testifying of a deep transformation in the dynamics
of capitalism. This was a political move that we call the 1979 coup. Subsequently, and
during now more than 25 years, neoliberalism has dened a new course of capitalism, at
the center as well as at the periphery. It seems now clear, however, that the year 2000
marked a signicant break, with the devastating crisis in Argentina (its economical, social,
and political aspects), the recession in the United States, the decline of the stock market,
after so many years of craze, and its partial recuperation, the return of interest rates to pre-
neoliberal levels, etc. These symptoms of a signicant transformation were considerably
strengthened by the shock of September 11, 2001, and the wars in Afganistan and Iraq.
New political and military trends now supplement the changes in the economy, and it is
difficult to treat separately these various components of a multifaceted reality. (...)

Gerard DUMENIL and Dominique LEVY
EconomiX-CNRS and PSE-CNRS

E-mail: dominique.levy@ens.fr, gerard.dumenil@u-paris10.fr

Web Site: http://www.jourdan.ens.fr/levy/

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