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A Fabulous Failure

Nonfiction: Politics
Unabridged   20 hour(s)
Publication date: 10/31/2023

NEW! Now Available

A Fabulous Failure

The Clinton Presidency and the Transformation of American Capitalism

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Digital Download ISBN:9781696612784


This book reveals why Bill Clinton's expansive agenda was a fabulous failure, and why its demise still haunts us today.

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Product Description

When Bill Clinton was elected president in 1992, he ended twelve years of Republican rule and seemed poised to enact a progressive transformation of the US economy, touching everything from health care to trade to labor relations. Yet by the time he left office, the nation's economic and social policies had instead lurched dramatically rightward, exacerbating the inequalities so troubling in our own time.

Nelson Lichtenstein and Judith Stein show how the administration's progressive reformers were stymied by a new world of global capitalism that heightened Wall Street influence, undermined domestic manufacturing, and eviscerated the labor movement. Robert Rubin, Larry Summers, and Al Gore proved champions of this financialized world. Meanwhile, Clinton divided his own party when he relied on Republican votes to overhaul welfare, liberalize trade, and deregulate the banking and telecommunications industries. Even the economic boom Clinton ushered in ended with a series of exploding asset bubbles that his neoliberal economic advisors neither foresaw nor prevented.

A Fabulous Failure explains why and how the Clinton presidency's progressive statecraft floundered in a world where the labor movement was weak, civil rights forces quiescent, and corporate America ever more powerful.

Author Bio

Nelson Lichtenstein is Research Professor at the University of California, Santa Barbara. His books include State of the Union: A Century of American Labor. Judith Stein (1940–2017) was Distinguished Professor of History at City College and the Graduate Center, City University of New York. Her books include Pivotal Decade: How the United States Traded Factories for Finance in the Seventies.