This accessible and persuasive book challenges the notion of our capitalist destiny. It provides a clear and concise history of the problems facing the economies of Europe, Japan, and the US during the latter half of the twentieth century and questions whether capitalism has really brought the levels of economic growth and prosperity that were hoped for. Andrew Glyn then looks at the impact that the rapidly developing economies of China and the South are likely to have on the older economies of the North. As the race is on to maintain growth and protect competitive advantage, Glyn asks: is the race-to-the bottom inevitable as the anti-globalizers predict, with welfare states being dismantled to meet competitive demands? Or is there an alternative model, which sees a strong commitment to welfare provision as essential to economic growth? Can we afford not to tackle inequality at home as well as abroad? Editorial Reviews Review This is by far the best economic history of how capitalism developed since the end of World War II and in particular since the 1970s oil shock. It is full of valuable information and should be required reading for students, as it tells clearly the issues and problems that motivate current economic research and debate.--Richard B. Freeman, Herbert Ascherman Chair in Economics at Harvard University and Director of the Labor Studies Program at the National Bureau of Economic Research For those of us who wish to work towards a juster world, despondent whining and wishful thinking are of little use. What we do need is a rigorous, well-documented, intellectually honest analysis of how and why capitalism has been tightening its grip over the world in the last few decades. Andrew Glyn's Capitalism Unleashed offers such an analysis. But it does more. It shows how this development calls for radical reforms different from those traditionally envisaged by capitalism's critics, and how it may well make them possible--at least if we prove persistent enough to keep pushing and clever enough to understand when and how.--Philippe Van Parijs, University of Louvain and Harvard University A dominant orthodoxy requires intelligent critics. Capitalism is today's dominant orthodoxy; Oxford University's Andrew Glyn is that critic. In this short, lucid and penetrating book, he examines how and why a free market economy came to be restored over the past two and a half decades, while condemning many of its consequences. The free market has, he argues, not only failed to deliver accelerated economic growth, but has worsened inequality and undermined economic security. Supporters of market economies must not ignore such criticisms. In particular, they must recognize the compatibility of a dynamic market economy with an intelligently designed welfare state.--Martin Wolf, Financial Times This short book, which is written by one of Britain's foremost political economists, Andrew Glyn, is a gem. It is vintage Glyn--carefully and scrupulously documented, accessible, and to this reviewer, thoroughly convincing. This book provides a thoughtful and profound analysis of contemporary capitalism.--Ajit Singh, Professor of Economics, University of Cambridge In lucid prose, and with striking graphs and vivid quotes, Andrew Glyn lays out a concise economic history of developed countries in the last decades of the twentieth century. As he explains, there was a decisive and unexpected return to 'business as usual', but the economic and social benefits of this shift are much less clear.--Adrian Wood, Professor of International Development, University of Oxford About the Author Andrew Glyn has been Tutor in Economics at Corpus Christi College Oxford since 1969,was an economic advisor to the National Union of Mineworkers, has been a consultant for the the International Labour Organisation and the UK Treasury and co-edits the Oxford Review of Economic Policy. He co-authored several books on post-war capitalism, edited Social Democracy in Neoliberal Times (OUP, 2001) and has published journal articles on unemployment, profitability, globalisation and the history of economic thought and newspaper articles on current economic policies. Contents 1 Challenges to Capital 1 2 Austerity, Privatization and Deregulation 24 3 Finance and Ownership 50 4 Globalization and International Economic Relations 77 5 Labour’s Retreats 104 6 Growth and Stability 129 7 Welfare and Income Inequality 156 Data Appendix 184 Notes 195