Editing Neoliberalism (section)

=== Financialization ===
The implementation of neoliberal policies and the acceptance of neoliberal economic theories in the 1970s are seen by some academics as the root of [[financialization]], with the [[Great Recession]] as one of its results.<ref name="BraedleyLuxton"/><ref>{{harvp|Kotz|2015|p={{page needed|date=May 2023}}}}; {{harvp|Steger|Roy|2010|p=123}}; {{harvp|Lavoie|2012–2013|pp=215–233}}</ref><ref>{{cite book |first1=Gérard |last1=Duménil |author1-link=Gérard Duménil |first2=Dominique |last2=Lévy |author2-link=Dominique Lévy |url=http://www.hup.harvard.edu/catalog.php?isbn=9780674072244 |title=The Crisis of Neoliberalism |publisher=[[Harvard University Press]] |date=2013 |isbn=978-0674072244}}</ref> In particular, various neoliberal ideologies that had long been advocated by elites, such as [[monetarism]] and [[supply-side economics]], were translated into government policy by the [[Presidency of Ronald Reagan|Reagan administration]], which resulted in decreased government regulation and a shift from a tax-financed state to a debt-financed one. While the profitability of industry and the rate of economic growth never recovered to the heyday of the 1960s, the political and economic power of [[Wall Street]] and finance capital vastly increased due to debt-financing by the state.<ref name="Volscho pp. 249–266" /> A 2016 [[International Monetary Fund]] (IMF) report blames certain neoliberal policies for exacerbating financial crises around the world, causing them to grow bigger and more damaging.<ref name="Ostry2016"/><ref>{{cite magazine |last=Foroohar |first=Rana |date=June 3, 2016 |title=Globalization's True Believers Are Having Second Thoughts |magazine=[[Time (magazine)|Time]] |url=https://time.com/4356816/neoliberalism-imf-globalization/?xid=newsletter-brief}}</ref>