International Relations Researches

International Relations Researches

The United States' economic crisis: From the Tea Party to Occupy Wall Street

Author
Hossein Daheshiar
Assistant Professor in International Relations at Allameh Tabataba'i University
Abstract
The US under Obama has been experiencing the third financial crisis in the post-agricultural era. Financial crisis during the Grover Cleveland administration led to progressive movement against exclusively capitalist economy. The Great Depression during the presidency of Herbert Hoover had weakened the Keynesian economics and government intervention on the fifty-year basis. The economic crisis facing America has brought both sides of the political spectrum to the scene. Economic conservatives who support the Republican Party are demanding a significant reduction of government intervention through the tax cut in order to create opportunities for the mechanism of competitive capitalist economy. The Tea Party movement was formed to influence the orientation of the federal government.

The liberals, who have controlled the Democratic Party, are calling for greater federal intervention in economic affairs of the country by offering economic stimulus package and, consequently, tax increment within organized capitalist system.

The Occupy Wall Street movement has spread to shape the Obama administration's economic policies in this framework. These two movements, which are the symbol of neoclassical economic (conservative) and Keynesian (liberal) thought, do not want to replace the capitalist economic system, but they are seeking to reform the system in the context of their desired economic principals.
Keywords
financial crisis
neoclassical economics
Keynesian economics
the economic stimulus package
organized capitalism
the Tea Party movement
the Occupy Wall Street movement
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