Post-1990s growth ran on government-facilitated asset inflation rather than direct investment

Evidence

This was a new model of growth: not Keynesianism, in which direct government investment in employment and infrastructure can stimulate the economy, but what Brenner calls “asset-based Keynesianism,” indirect government-facilitated investment in assets and equities in an attempt to kickstart the economy. — Andrew deWaard, Derivative Media, 83

Categorization

• DEFINE: Defines ‘asset-based Keynesianism’ as a distinct growth model replacing direct government investment with indirect asset/equity pumping.
• XREF: This is the precise mechanism by which cheap credit reaches cultural industries later in the book — the channel that makes finance’s fingerprints on songs and sitcoms causally legible. — connects to: Financial-sector growth from asset inflation may have exhausted its own model. — Mark Blyth, Austerity: The History of a Dangerous…, 629; Central banks substituted asset inflation for fiscal stimulus after 1998 — Nick Srnicek, Platform Capitalism, 30