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Private Affluence, Public Austerity
Economic Crisis and Democratic Malaise in Canada

By Stephen McBride and Heather Whiteside  

Authors McBride and Whiteside examine neo-liberalism in Canada which has seen, over the last several decades, the dismantling of the welfare state, rising levels of privatization, and increasingly liberalized trade and investment.

Drawing on theories of capitalist crises, the authors analyze the recent (or ongoing) financial crisis and economic meltdown in Canada. They argue that despite recurring crises, capitalism remains resilient, as evidenced by the emphasis on maintaining business as usual or staying the course. While the introduction of stimulus spending was thought by many at first to be a sign of a shift towards Keynesian economics, this spending proved to be “relatively shallow, selective, and temproary.” Government intervention was used to soften the blow, but neoliberalism has remained the dominant ideology in Canada.- AT, Canadian Dimension, Nov/Dec2011

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