Summary and Analysis of the Unwinding by Worth Books

Author:Worth Books
Language: eng
Format: epub
Publisher: Worth Books
Published: 2017-05-04T19:38:03+00:00

Timeline

1930s: The Great Depression era, lasting from 1929–1939.

1940s–1970s: The Golden Age of Capitalism, as it is known to economists. Employment is high, jobs pay well, unions are strong, the economy is stable, and general wealth is expanding.

1970s: Economists note that this decade was generally the beginning of the neoliberal agenda and the financialization of the economy, wherein industrialism/labor is replaced by venture capital as the prime economic mover. Whole industries begin to hollow out, and banking and finance industries (known collectively as Wall Street) take center stage.

1981–1988: The Presidency of Ronald Reagan lionizes and speeds up the neoliberal model; taxes are slashed, welfare benefits are reduced, and outsourcing of labor becomes widespread.

1989–1992: George H. W. Bush is president, beginning Operation Desert Storm in Iraq. So-called neoliberal policies continue.

1993–2000: President Bill Clinton continues neoliberal policies, specifically supporting NAFTA, which weakens labor’s hold in North America. He repeals Glass-Steagall, which separated public and commercial banking, allowing investors to use the savings of average Americans to gamble on the stock market.

1995: The World Wide Web goes public.

1997: The dotcom bubble emerges and then quickly bursts.

2001–2009: George W. Bush is President. Neoliberal polices and globalization continue.

2001: The September 11 attacks occur in New York City and Washington, DC. The Bush Administration clamps down on civil liberties, continues many of the Clinton-era neoliberal policies, and eventually launches the Iraq War.

2003: The Iraq War begins.

2008: The market crashes, the housing bubble bursts, and what becomes known as the Great Recession begins. Economists tie much of this to Clinton’s repeal of Glass-Steagall in 1999 and Bush’s costly invasion (more than $3 trillion) of Iraq in 2003.

2008–2012: Barack Obama is elected and serves as the first African American president of the United States. He carries forward most neoliberal policies established by Reagan, Clinton, and Bush, but he also pushes more progressive policies, such as the Affordable Care Act and a federal stimulus package.

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