The Land of Too Much presents a simple but powerful hypothesis that addresses three questions: Why does the United States have more poverty than any other developed country? Why did it experience an attack on state intervention starting in the 1980s, known today as the neoliberal revolution? And why did it recently suffer the greatest economic meltdown in seventy-five years?
Although the United States is often considered a liberal, laissez-faire state, Monica Prasad marshals convincing evidence to the contrary. Indeed, she argues that a strong tradition of government intervention undermined the development of a European-style welfare state. The demand-side theory of comparative political economy she develops here explains how and why this happened. Her argument begins in the late nineteenth century, when America’s explosive economic growth overwhelmed world markets, causing price declines everywhere. While European countries adopted protectionist policies in response, in the United States lower prices spurred an agrarian movement that rearranged the political landscape. The federal government instituted progressive taxation and a series of strict financial regulations that ironically resulted in more freely available credit. As European countries developed growth models focused on investment and exports, the United States developed a growth model based on consumption.
These large-scale interventions led to economic growth that met citizen needs through private credit rather than through social welfare policies. Among the outcomes have been higher poverty, a backlash against taxation and regulation, and a housing bubble fueled by “mortgage Keynesianism.” This book will launch a thousand debates.
Interrogates this ascending political and economic paradigm
This landmark work is the first sustained critique of Latin American neostructuralism, the prevailing narrative that has sought to replace “market fundamentalism” and humanize the “savage capitalism” imposed by neoliberal dogmatism. Fernando Leiva analyzes neostructuralism and questions its credibility as the answer to the region’s economic, political, and social woes.
Recent electoral victories by progressive governments in Latin America promising economic growth, social equity, and political democracy raise a number of urgent questions, including: What are the key strengths and weaknesses of the emerging paradigm? What kinds of transformations can this movement enact? Leiva addresses these issues and argues that the power relations embedded in local institutions, culture, and populations must be recognized when building alternatives to the present order. Considering the governments in countries such as Chile, Argentina, and Brazil, Leiva examines neostructuralism’s impact on global politics and challenges whether this paradigm constitutes a genuine alternative to neoliberalism or is, rather, a more sophisticated form of consolidating existing systems.READERS
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