~ N-NCO-TWTTBO-T-HIB/CO/UFOM-TGCOIIFOAPMWACAOTNSO ~ Neoliberalism – New Class Objectives – That Worked To The Benefit Of – The – Highest Income Brackets / Capitals Owners / Upper Fractions Of Management – The Greater Concentration Of Income In Favor Of A Privileged Minority Was A Crucial Achievement Of The New Social Order

~ TDSTRDN-WHBII-AAHNBMB-CAMC-IPTUF ~ The Dramatic Social Transformation Realized During Neoliberalism – Would Have Been Impossible If – An Alliance Had Not Been Made Between – Capitalist And Managerial Classes – In Particular Their Upper Fractions

~ N-IA-SO-AATGOIFTUIB-N-IIP-NEL-SP ~ Neoliberalism – Is A – Social Order – Aimed At The Generation Of Income For The Upper Income Brackets – Not – Investment In Production – Nor Even Less – Social Progress

~ TOBWTT-COTC-WGTTI-SE-SCANOAW-K/E/R-AC ~ The Original Bet Was That The – Countries Of The Center – Would Gradually Transform Themselves Into – Services Economies – Still Concentrating A Number Of Activities Where – Knowledge / Education / Research – Are Crucial

~ NSTCOA-FAU-FS-BO-QP-A-‘PTTPOFS’ ~ Neoliberalism Saw The Construction Of A – Fragile And Unwieldy – Financial Structure – Based On – Questionable Practices – A – “Propensity To The Production Of Fictitious Surplus”

~ T-FMOCI-IOP-MPIAGC ~ The – Free Mobility Of Capital Internationally – Impairs Or Prohibits – Macro Policies In A Given Country

~ TOST-FAG-GTI-PATNPFTDGO-HD-WTCO-FI-A-G-TTBOAPM ~ The Overall Shift Toward – Fictionalization And Globalization – Given Their Interconnectedness – Provided All The Necessary Prerequisites For The Dramatic Growth Of – Households’ Debt – With The Collaboration Of – Financial Institutions – And – Governments – To The Benefit Of A Privileged Minority

~ TWISR-ITCOTC-FE-TMADOWP ~ There Were Important Social Resistances – In The Countries Of The Center – For Example – To Maintain A Degree Of Welfare Protection

~ RTTDCBN ~ Reaction To The Devastation Caused By Neoliberalism

~ N:’FC’~ Neoliberalism: “Financialized Capitalism”

~ ‘FC’ ~ “Finance Capital”

~ O-FAG-MTCOA-FAU-FS ~ Overall – Financialization And Globalization – Meant The Construction Of A – Fragile And Unwieldy – Financial Structure

~ IAWO-FT-A-FCM-IIDTC-IR/L/ER ~ In A World Of – Free Trade – And – Free Capital Mobility – It Is Difficult To Control – Interest Rates / Loans / Exchange Rates

~ TRFT-2001R-WOOATCO-TRORI-ABOTHS-W-PIRL ~ The Recovery From The – 2001 Recession – Was Obtained Only At The Cost Of – The Rise Of Residential Investment – A Boom Of The Hosing Sector – While – Productive Investment Remained Low

~ TCOIATT ~ The Concentration Of Income At The Top

~ TDB-WAM-I-TIT-S-A-C-M-WAOTSS-A-UMOTCS-A-M-IPI-UL-IGICT-SA-AIFOTSGWETTB ~ The Difference Between – Workers And Managers – Is – That In The – Stick-And-Carrot – Metaphor – Workers Are On The Stick Side – And – Upper Management On The Carrot Side – Actually – Management – In Particular Its – Upper Layers – Increased Gradually Its Capability To – Set Apart – An Increasing Fraction Of The Surplus Generated Within Enterprises To Their Benefit

~ N-I-T-UA-TEO-TROT-PAI-O-CC ~ Neoliberalism – Is – Thus – Understood As – The Expression Of – The Restoration Of The – Power And Income – Of – Capitalist Classes

~ TRPLOTFS ~ The Record Profitability Levels Of The Financial Sector

~ MSNBSA-MPA-ITDOT-COH-IN-T-MC-IPT-UF-AP-ITFOT-NST-EHR-A-WTGOEITRO-AO-IF-TION-WHBI-HNTNABSWTULOTSP-B-OAM ~ Mangers Should Not Be Seen As – Merely Passive Agents – In The Determination Of The – Course Of History – In Neoliberalism – The – Managerial Classes – In Particular Their – Upper Fractions – Actively Participated – In The Formation Of The – New Social Trends – Expecting High Remunerations – And – With The Goal Of Entering Into The Realm Of – Active Ownership – In Fact – The Imposition Of Neoliberalism – Would Have Been Impossible – Had Not The New Alliance Been Struck Within The Upper Layers Of The Social Pyramid – Between – Ownership And Management

~ WT-PP-OTBO-WE-W-S-UWIS-DTND ~ While The – Purchasing Power – Of The Bulk Of – Wage Earners – Was – Stagnating – Upper Wages – Increased Sharply – During The Neoliberal Decades

~ B-CM-SO-AAA-IC-OT-MG ~ Besides – Corporate Managers – State Officials – Are Also An – Important Component – Of The – Managerial Classes

~ T-TON-O-ESI-WG-PLOTFOB-PTROW-ITOHI-A-SO ~ The – Tenants Of Neoliberalism – Oppose – Excessive State Intervention – Whenever Governments – Place Limits On The Freedom Of Business – Protect The Rights Of Workers – Imposes Taxes On High Incomes – And – So On

~ NRTSOT-SDC-NTSIG ~ Neoliberalism Rejected The State Of The – Social Democratic Compromise – Not The State In General

~ PH ~ Prevailing Hegemonies

~ TSWSFAMC ~ The Stage Was Set For A Major Collapse

~ ACBE-N-A-NG-DA-TSAFOT-FS ~ As Could Be Expected – Neoliberalism – And – Neoliberal Globalization – Deeply Altered – The Structure And Function Of The – Financial Sector

~ TIOTFS-IA-NASP ~ The – Indebtedness Of The Financial Sector – Is A – New And Spectacular Phenomenon

~ TMAEO-TH-CBCIAA-NA ~ The Multiplication And Expansion Of – Tax Havens – Can Be Clearly Interpreted As A – Neoliberal Accomplishment

~ AM ~ Asset Management

~ CT ~ Carry Trade

~ EC ~ Exchanging Currencies

~ AFAUS ~ A Fragile And Unwieldy Structure

~ TIOT-UIB-IDDT-ND-TROPASVOFCFSG ~ The Income Of The – Upper Income Brackets – Increased Dramatically During The – Neoliberal Decades – The Rise Of Profits And Stock Values Of Financial Corporations Fed Skyrocketing Gains

~ THONAICIOOSTBRATL-WCBDAT-‘DOPAF’-WTPOTFSRP?-OWGWTTGOTUWBITSB?-BADTD ~ The History Of Neoliberalism At Its Climax Is One Of Subtle Transition Between Reaching And Trespassing Limits – What Could Be Denoted As The – “Dialectics Of Performance And Fictitiousness” – Were The Profits Of The Financial Sector Real Profits? – On What Grounds Were The Tremendous Gains Of The Upper Wage Brackets In The Sector Based? – Boundaries Are Difficult To Draw

~ OSFOT-FS-I-TCOVHW ~ One Specific Feature Of The – Financial Sector – Is – The Concentration Of Very High Wages

~ P-IW-A-RFE ~ Practices – Impossible Within – A – Regulated Financial Economy

~ TFWOD-WAIFI-TCO-BAT-I-1980/1990

ITL190SAE1990S ~ The First Wave Of Deregulation – Was An Important Factor In – The Crisis Of – Banking And Thrift – Institutions – In – 1980/1990

~ SL-BEAAROTEO-UC-AOTC-HIR-O-B-W-HCR ~ Subprime Loans – Became Easier As A Result Of The Elimination Of – Usury Controls – Allowing Originators To Charge – Higher Interest Rates – On – Borrowers – With – Higher Credit Risks

~ NG-LTLPBTAOT-IMOC-WHBC-BR ~ Neoliberal Globalization – Lifted The Limits Placed By The Agreements On The – International Movements Of Capital – Which Had Been Considered – Basic Requirements

~ F-IT-F-GS ~ Fundamentals – In The – Financial-Global Storm

~ DA-A-GD ~ Declining Accumulation – And – Growing Disequilibria

~ TMTDW-T-RDI-A-T-ROFF ~ The Most Threatening Developments Were – The – Rising Domestic Indebtedness – And – The – Reliance On Foreign Financing

~ TSOQMBP:WIB?-A-FWP?-A-WIL-A-TWI? ~ Two Sets Of Questions Must Be Posed: Who Is Borrowing? – And – For What Purpose? – And – Who Is Lending – And – Through Which Instruments?

~ MW ~ Mortgage Wave

~ F-T-MW ~ Feeding – The – Mortgage Wave

~ T-LO-O-CDO-AP-SI ~ The – Late Outburst – Of – Collateralized Debt Obligations – A Prominent – Speculative Instrument

~ RI-V-FS ~ Real Incomes – Versus – Fictitious Surplus

~ NINAPOI-B-ASOAATPAIOTUC ~ Neoliberalism Is Not About Principles Or Ideology – But – A Social Order Aiming At The Power And Income Of The Upper Classes

~ IN-TS-AWIFOTUC ~ In Neoliberalism – The State – Always Worked In Favor Of The Upper Classes

~ TGC ~ The Great Contraction

~ GFT ~ Global Financial Turmoil

~ COFH ~ Crises Of Financial Hegemony

~ A-DD-T-RAC ~ A – Deficient Determination – To – Regulate And Control

~ TLF-TD-WF ~ The Lessons From – The Depression – Were Forgotten

~ A-FS-ITSO-TRE ~ A – Financial Sector – In The Service Of – The Real Economy

~ BN ~ Beyond Neoliberalism

~ IWBNT-PSL-O-TTOLFOITTUFOIB ~ It Will Be Necessary To – Place Severe Limitations – On – The Transfer Of Large Flows Of Income Toward The Upper Fractions Of Income Brackets

~ NC-AA-TMLOOTCON-FTCD ~ Neomanagerial Capitalism – Appears As – The Most Likely Outcome Of The Crisis Of Neoliberalism – For The Coming Decades