Contours of Descent U.S. Economic Fractures and the Landscape of Global Austerity

The US economy faced the prospect of a serious recession even prior to the September 11 terrorist attacks. The highly unstable economic conditions that Clinton handed to Bush-wage stagnation, rising inequality, and a wildly inflated stock market-were hardly noticed amid the near-universal praise for the economic stewardship of Clinton and his supposed policy maestro, Federal Reserve Chair Alan Greenspan. Contours of Descent shows how the policies of Clinton and Bush in the U.S., as well as those of the IMF with respect to developing countries, are variants of neoliberal economics-which lavishes favors on multinationals and capitalists while allowing living standards for ordinary people to fall. Coutours of Descent also explores an alternative policy approach promoting economic growth with increased equality.

What Reviewers Say

"Beginning with what he aptly terms the 'hollow boom' of the 1990s, Robert Pollin's Contours of Descent propels the reader through a comprehensive, coherent and wonderfully readable account of the economic policies that have brought us to the present 'landscape of global austerity.' His critiques of Clinton and Bush policies are underpinned with uniquely clear statements of alternative ideas and ways of solving economic problems and he describes how they could be used to rebuild a framework for growth and equality in the U.S. and global economies. This is a superb work of political economy - rich in examples and in-depth analysis - and a real pleasure to read." - Jane D'Arista, Director of Programs, Financial Markets Center

"Professor Pollin is one of the leading heterodox economists in the US. His rigorous and insightful analysis convincingly demonstrates that Clinton and Bush as well as the IMF have each followed fundamentally similar neoliberal economic policies to the detriment of people in the US and the developing world. Importantly, the book also outlines an alternative policy program for building a prosperous US and world economy. It is a 'must read' for those who wish to understand recent developments in the US and the world economy." - Professor Ajit Singh, Cambridge University

"Contours of Descent is lucid economics as if reality matters. Cutting through the myths, hype and diversionary corporate-side indicators, Professor Pollin lays out an agenda to turn around the economy that is increasingly disconnecting from millions of workers and their well-being. A laser-beam exposure of globalization as defined by the World Bank, the IMF, Alan Greenspan and the corporate supremacists." - Ralph Nader

"This insightful book dissects the consequences of the neoliberal revolution of the 1990s, and offers valuable lessons for the neophyte and professional economist alike." - Prof. Dani Rodrik, Harvard University

"Contours of Descent does a great job in making current U.S. and global economic issues accessible to the average reader. Pollin presents a clear discussion of what he terms 'the Marx Problem,' 'the Keynes Problem,' and 'the Polanyi Problem,' as they apply both in the U.S. under Clinton and Bush, and in the developing countries. Most importantly, the book ends by demonstrating that 'another path is possible'-sketching a workable egalitarian policy agenda in both the U.S. and developing country context, focused on full employment, defending workers rights, and regulating financial markets." - Prof. Lourdes Beneria, Cornell University and President of International Association of Feminist Economists (IAFFE)

Robert Pollin is Professor of Economics and founding Co-Director of the Political Economy Research Institute (PERI) at the University of Massachusetts-Amherst. Among his many books are The Living Wage (with Stephanie Luce) and the edited volume Transforming the US Financial System (with Gary Dymski and Gerald Epstein). He has worked with the Joint Economic Committee of the US Congress and the United Nations Development Program, and was the economic spokesperson for the 1992 presidential campaign of Governor Jerry Brown.