August 2024 Working Paper How Neoliberalism Failed, and What a Better

He is also the cochair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the chief economist of the Roosevelt Institute. [...] He is the author of numerous books, including his most recent titles, The Road to Freedom: Economics and the Good Society, People, Power, and Profits, Rewriting the Rules of the European Economy, Globalization and Its Discontents Revisited, The Euro, and Rewriting the Rules of the American Economy. [...] Power and a Democratic Deficit The changes in the rules of bankruptcy that led to these dire outcomes illustrate the importance of power and the deficiencies in our democracy. [...] But the Supreme Court not only supported the move to arbitration, which means that businesses have succeeded in transferring the adjudication of disputes—a core part of what ought to be in the domain of the “public”—into the private realm and out of the public arena, it also then made a rule that made collective action in arbitration far more difficult. [...] When we go beyond textbook economics and think about the actual functioning of the market economy—the inequalities that it generates, the exploitation by the tobacco and food industries, the devastation to the environment, the opioid and financial crises, the depressions and recessions, and so forth—we see a world in which markets exhibit deep flaws and have severe limitations.