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David M. Kotz

In: The SAGE Handbook of Neoliberalism

Chapter 33: Neoliberalism, Inequality, and Capital Accumulation

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Neoliberalism, Inequality, and Capital Accumulation
Neoliberalism, Inequality, and Capital Accumulation
David M. Kotz
Introduction

This contribution first considers the meaning of the concept ‘neoliberalism'. Second, it examines the relation between neoliberalism and the increase in income inequality in recent decades. Third, it shows that rising inequality, interacting with other consequences of neoliberalism, promoted capital accumulation and a process of unevenly distributed economic growth for several decades. Finally, we will examine the unsustainable character of the pattern of capital accumulation promoted by neoliberalism, which gave rise to the financial and economic crisis that broke out in 2008. That crisis continues to have effects at the time of this writing.

The analysis in this contribution is based on the social structure of accumulation theory ...

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