Download PDF by Doug Henwood: After the New Economy: The Binge and the Hangover That Won't

By Doug Henwood

ISBN-10: 1565847709

ISBN-13: 9781565847705

Filenote: PDF is searchable photograph ocr, 296 pages with front/back conceal and inside of flaps
Publish yr note: First released October 1st 2003
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Journalist Doug Henwood's withering postmortem of the recent Economy.

Rarely an afternoon glided by within the dizzy Nineteen Nineties with out a few well-paid pundit heralding the effective arrival of a "New Economy." in line with those monetary professionals, an extraordinary technological and organizational revolution had extinguished the specter of recession endlessly. notwithstanding a lot of the rhetoric sounds ridiculous this day, few analysts have explored how the hot economic climate second emerged from deep inside America's financial and ideological machinery—instead, they've most well-liked to regard it as an episode of mass delusion.

Now, with well-known irreverence and acuity, journalist Doug Henwood dissects the hot economic system, arguing that the delirious optimism used to be truly a manic set of adaptations on historical issues, all promoted from the top of locations. Claims of latest Eras have lots of ancient precedents; during this newest act, our glossy mythmakers held that expertise might overturn hierarchies, democratizing details and finance and best inexorably to a digital social revolution. yet, as Henwood vividly demonstrates, the distance among wealthy and bad hasn't ever been so huge, wealth by no means so centred. After the recent economic system bargains an available and wonderful account of the less-than-lustrous truth underneath the gloss of the Nineteen Nineties boom.

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Additional resources for After the New Economy: The Binge and the Hangover That Won't Go Away

Sample text

Two prominent measures of productivity: labor and tor (or multifactor). Labor productivity looks at infra- human total fac- labor as its only input; a broader measure, called total factor or multifactor productivity 42 After the (abbreviated ergy, and the synergies of TFP and MFP services New Economy respectively) also include of capital equipment among the raw materials, en- inputs, as well as the these elements operating together (like better organiza- all and managerial techniques). Both involve big helpings of statistical tional mysticism, especially TFP/MFP.

Public reaction influenced by the intuitive plausi- is no shortage of appeals bihty of Internet lore. "And there was . from high theory plausibihty, to to intuitive low journaHsm. Theoryheads Perhaps status wrong it's quo as to be annoyed that such pampered products of the Greenspan, Kelly, Lev, Gilder, and Sinai should utter so more nonsense. What's surprising —and depressing — is to read putatively sophisticated cultural and poUtical theorists seconding them. Pick book or essay read what is by post-Marxoid theorist Hke Manuel a essentially Gilder and Greenspan New Left By this Review like this passage economic I from cheerlead- from an political military retrieve, store, process economic accumulation and poUtical power throughout history, the current technological, social, and cultural parameters that they forces....

So, do we know dollars you see, this? of corporate knov^ledge as- Because the stock do we know the stock market is right? Well, it is. Shown to the right a ver- is market to book 1207or sion of Lev's measure of corporate 1 00% IQ from 1945 through America's ratio, nonfinancial corporations, 1945-2002 2002. '' 0% By \> \^ V* N* V> n' \^ \> N? \^ \> V measure, corporate America — got three times smarter or more knowledgeable, 1948 through 1968, then came down with a serious —between 1968 and 1981 (maybe ignorance recover during the Reagan (maybe years and then achieve unprecedented levels it take your pick it was all —from —or bout of idiocy the drugs), only to was Ron's personal example), of genius during the Clinton years.

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After the New Economy: The Binge and the Hangover That Won't Go Away by Doug Henwood


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