| Summary: | <p>A comparison of the 2007-08 crisis with that of 1929 showed its extreme gravity, but it also may have implied that the old harmful mistakes would not be repeated. After four years, the crisis has not been solved and it even threatens to worsen. Neo-conservative Republicans claim that this is proof of the failure of Keynesian policies. Yet, there is something structurally distorted in the institutions and policies of American industrial relations. The fall of the ‘social contract’ is the basic element of the crisis of the American social and economic model. In comparison with the crisis of the Thirties and its aftermath, what initially was supposed to possibly evolve toward a new New Deal of the Twenty-first century has evolved just in its opposite.</p><p><br />JEL: G01, E12, B50</p><p> </p><p> </p>
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