Abstract and Keywords
This chapter focuses on the 2008 global financial crisis (GFC) and shows the long-term impacts of the GFC on US politics and global economic policy. In particular, the chapter analyzes the surprisingly inadequate response of the Obama administration, which accelerated the failure of Keynesianism and opened the door to Hillary Clinton’s stunning 2016 electoral loss to the national populist Donald Trump. The chapter argues that the unfolding of the GFC brought Keynesian economics to the forefront, with neoliberalism beating a hasty retreat in the immediate aftermath of the crisis. Keynesian economists had correctly anticipated the crisis, but even they were probably surprised by its severity. It was not only for the accuracy of their financial analysis but for the policy tools they offered for dealing with the unfolding crisis that their expertise was sought.
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