Twelfth Global Studies Conference

Abstract

In 2008, the United States experienced the greatest downturn in economic well-being since the 1930’s. The crisis was not confined to the U.S., but soon went global. This downturn fueled both the worldwide migration crisis, and the rise of populist illiberal autocrats around the world. This state of affairs is the outcome of decades of neoliberal economic policies championed by every U.S. President since Reagan. These policies had gained currency with international financial institutions such as the International Monetary Fund, the World Bank, and transnational corporations resulting in a global implementation of neoliberalism. I argue that these policies are not only responsible for the Great Recession of 2008, but also for the growing inequality worldwide. Inequality creates volatility, resentment, political instability, and undermines the ability of countries to provide employment and basic needs for their citizenry. At least part of the world’s refugee crisis that can at least be partially blamed on inequality and lack of economic opportunity in much of the world. This study describes the how U.S. policies over decades caused economic and political instability both at home and in Latin America that has resulted in a wave of continued migration at the U.S. border. This migration crisis, along with the hollowing out of the U.S. manufacturing sector caused by neoliberal policies, has resulted in a backlash that has brought a president with illiberal sentiments to the U.S. Arresting the growth illiberalism would require addressing inequality. Policy steps needed for alleviating this crisis are identified and discussed.