How does the United States demonstrate the classic elements of an LME, and how does it differ from the LME model, and why?
What will be an ideal response?
From text: “Not until the Great Depression and the New Deal of the 1930s did the government begin to attempt to guide the economy to increase growth and employment and to redistribute income. From the New Deal through the 1960s, the government more or less followed Keynesian policies. As predicted by the LME model, though, in the face of globalization it pursued strong, neoliberal policies starting in the 1980s. Its neoliberalism came into question, though, since with the start of the Great Recession. Indeed, it responded initially to the recession with a stronger Keynesian stimulus than most countries, but reduced that rapidly. While it has produced great wealth, the American LME has also produced a dramatic increase in inequality while leaving middle-class incomes stagnant.”
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a. story of decline. b. story of helplessness. c. story of control. d. conspiracy story.
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