Reaganomics: The Roots of Neoliberalism

ISBN-10: 1973163292
ISBN-13: 9781973163299
Series: Reaganomics
Pages: 103
Language: English
Published: 2017-10-30
Publisher: Independently Published
Author: Stefano di Lorenzo

Description

Many years have passed but even among the most informed of us there is very little agreement about the accomplishments and failures of Ronald Reagan's economic policies. Politicians, commentators and common voters alike have been arguing about their efficacy and their legacy ever since the inception. The controversy often seems to reflect people's political and ideological stands, rather than a sober analysis of the facts. People on the left of the political spectrum are persuaded that Reagan's economic policies ended up shamelessly favoring the haves versus the have-nots, while "Reaganomics" and "supply-side economics" became bywords for "trickle-down economics", giving more to the rich, cutting welfare for the poor and leaving them to their own devices. Moreover, in this view, Reagan contributed to a large dismantling of the American industrial base, leaving many jobless and hitting hard on blue collar workers and the middle class. This aspect in particular received renewed attention during Donald Trump's successful presidential campaign: interestingly, now it was a "right wing" President who was favouring blue collar jobs, while liberals appeared to have lost any interest whatsoever in working class jobs and increasingly regarded them as outdated and unworthy of the XXI century. For people on the right, Reagan has achieved almost a cult status, more than any other President in living memory. These Republicans argue that Reagan's supply-side revolution revitalized the American economy after a lost decade in the seventies, putting the country back on the path to growth, making fiscal policy more business friendly and reducing the menacing power of the government to affect people's economic decisions. But Reagan was many things to many different people.