In the United States, the economic and political crises of the 1970s brought an end to what Robert Beauregard (2006) terms the ‘short American century’, the robust period of relatively egalitarian industrial expansion and consensual Keynesian politics following the Second World War. What has followed is more than a quarter century of intensive restructuring – evident both in economic organization and regimes of governance. Economically, restructuring has been characterized by the globalization of finance capital, the decline and displacement of the industrial economy, the withering power of organized labor, a decades-long stagnation of real wages and increase in job insecurity, widening economic inequality, and the rise of a ‘new economy’ characterized by finance, high-tech innovation, and cultural industries. These trends have been accompanied in the political realm by an ideological shift, symbolized by the election of Ronald Reagan in 1980 and penetrating in various ways all levels of the fragmented US political system, involving progressive delegitimization of the postwar welfare state, increasingly punitive tactics directed at the poor, and the exaltation of the market economy as the principal arbiter of desirable political outcomes. An early protagonist of this ideological system, Milton Friedman (1962), argued that it was nothing more than a restoration of classic liberalism, the return of the free individual to the supreme position in the social cosmos. For Friedman, as for Freidrich von Hayek, centralized planning by the state in managing the economy or providing for social welfare would inevitably lead to political coercion, if not totalitarianism. Apart from setting monetary
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