Why Neoliberalism Needs Neofascists

>> Read article published by Boston Review

Prabhat Patnaik examines the four decades under neoliberal globalization. Its agenda has decimated labor rights, imposed rigid limits on fiscal deficits, given massive tax breaks and bailouts to big capital, sacrificed local production for multinational supply chains, and privatized public sector assets at throwaway prices. Patnaik argues that as the credibility of trickle-down economics has eroded, neofascism has emerged as a new prop sustaining neoliberalism. The result is that capital moves readily across international borders while the movement of people is controlled by a sharp increase in income inequality and a steady winnowing of democracy.