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Abstract

Archaeology & Anthropology: Open Access

Economic Armageddon

Submission: January 11, 2019; Published: January 25, 2019

DOI: 10.31031/AAOA.2019.03.000571

ISSN: 2577-1949
Volume3 Issue1

Abstract

This essay offers a structural analysis for why Barack Obama’s stimulus plan for the United States of America essentially failed and will bring about the end to American economic power as the hegemon in the global capitalist world-system under the Trump administration. This critical understanding suggests that Obama’s plan was an attempt to implement “new deal” type economic policies in a postindustrial economy based on financialization and consumption. Inevitably, the essay concludes, the plan was bound to fail as it was unable to stimulate aggregate demand in the short and long terms in a postindustrial economy based on consumption.

Keywords: Barack Obama; Consumption; Capitalism; Underclass; Liberalism; Conservative; New deal; World system; Neoliberalism

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