This chapter was originally written back in 2003 and published in 2005 in the volume edited by David Coates (god father to a Miliband son I think) Varieties of Capitalism, Varieties of Approaches. The data contained inter alia is by now stale in one sense. However in another sense the document holds up for its time and place in the early Anglo-American debates on neoliberalism. The trends I analyzed–rising income inequality, reduced welfare state effort, eroding quality and conditions of work, and a secular decline in productivity growth–across the rich OECD zone regardless of which model of capitalism was being pursued were in fact, as I noted at the time, secular trends. At the time, 2003, most academics still had their heads in the ground about inequality and the punitive dynamics of neoliberal labour market policies. Indeed the hegemony of neoliberalism was so complete at that time most social democratic intellectuals refused or were incapable of acknowledging the state of affairs. Even worse many were actively crafting and implementing neoliberal policies.
In the above sense I think the chapter still holds up. Moreover, it also holds up in terms of its main hypothesis that the advanced capitalist zone, despite being populated by nation states with very different institutions and public policy regimes, was producing increasingly poor outcomes for workers and citizens. For A version of the chapter “Disparate Models, Desperate Measures: The Convergence of Limits,” leave a comment to request the document.