A Fabulous Failure: The Clinton Presidency and the Transformation of American Capitalism

by Nelson Lichtenstein, Judith Stein Narrated by Tom Campbell

Overview

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.

Editorial Reviews

Choice

"The most comprehensive and scholarly account of the administration of President Bill Clinton focused on domestic policy that one could hope to read. . . . An excellent work."

From the Publisher

"Dazzlingly impressive in its scope and depth. . . . A Fabulous Failure serves as an indispensable resource to anyone, providing fresh insight into topics like the health care debacle (including a careful discussion of why Obama succeeded where Clinton failed), the NAFTA debate, and the repeal of the Glass-Steagall Act, all of which have been covered elsewhere. At the same time, it spotlights issues such as trade policy with Japan and workplace management that have been given short shrift by other historians.

"—-Lily Geismer, American Prospect

"In demonstrating both the internal and external limits on the Clinton administration’s ability to strengthen the welfare state, Lichtenstein and Stein have not only provided a singularly useful analysis of global capitalism at the end of the twentieth century — they have also shown how popular movements are crucial in realizing meaningful social change. . . . And in dissecting the passion play that was the Clinton administration, A Fabulous Failure provides an immensely usable history. Because the problems with which Clinton struggled — how to create growth and redistribute it in the context of a world characterized by strong economic competition — remain with us."—-Jason Resnikoff, Jacobin

"Splendid."—-James K. Galbraith, EH.net

Kirkus Reviews

2023-04-06
How the moderation of the Clinton era sowed a legacy of problems.

Academics Lichtenstein, author of State of the Union: A Century of American Labor, and Stein, author of Pivotal Decade: How the United States Traded Factories for Finance in the Seventies, approach their subject from the left side of the political spectrum. In this collaboration, they revisit the years of the Clinton administration, wondering why it moved so far from the quasi-socialist views of its early days to embrace a globalist neoliberalism that helped Wall Street more than Main Street. In the opening section of an overlong text, the authors offer an adequate review of the ideological development of Clinton and many figures within his administration, but this story has been told many times, including by Clinton himself. Lichtenstein and Stein are reluctant to criticize the Clinton years, so instead they focus on identifying a wide range of villains. They are initially unsure whether the Republicans who opposed Clinton’s early agenda were stupid or evil; eventually, they opt for both. They blame centrist Democrats. They blame the voters who handed control of Congress to the GOP in 1994. They blame various billionaires. The media. Larry Summers. Al Gore. It’s a long list. The authors believe that if Clinton had stayed on the left, and even marched further out to the edge, he would have won huge electoral support. However, that scenario didn’t seem likely then, and it does not seem likely in hindsight. The bigger question, however, is, why are the authors rehashing these events? If Lichtenstein and Stein are calling for a return to the days when big labor told the Democratic Party what to do, it does not sound like much of a way forward. The book may appeal to those on the left who are fascinated by their own myths, but other readers may take a pass.

A progressive perspective on why the Clinton administration delivered so little.

Product Details

BN ID:	2940159344656
Publisher:	HighBridge Company
Publication date:	10/31/2023
Edition description:	Unabridged

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