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Analysis of the High Unemployment Rate in the USA
Abstract
The ongoing crisis of the US economy is the result of the US government's neoliberal policies since the 1980s. The market liberalization and global economic integration advocated by neoliberalism hollows out industry, generates asset bubbles instead, and results in structural unemployment and the transfer of labor to sectors of the virtual economy. The severe financial crisis triggered by the collapse of the latest and greatest of the asset bubbles, the housing bubble, has led the unemployment rate of the United States to rise sharply. In contrast, Chinese economic policies have resulted in tremendous economic achievements. As such they pose a big challenge to the neoliberal policy paradigm of the United States. The US government's numerous false accusations against the Chinese government are little more than futile attempts to deny this.