Pivotal decade : how the United States traded factories for finance in the seventies / Judith Stein.

Format:

Book

Author/Creator:

Stein, Judith, 1940- author.

Language:

English

Subjects (All):

Keynesian economics.

Financial institutions--United States.

Financial institutions.

United States--Economic policy--1971-1981.

United States.

United States--Politics and government--1969-1974.

United States--Politics and government--1974-1977.

United States--Politics and government--1977-1981.

Physical Description:

1 online resource (xvi, 367 p. ) ill. ;

Edition:

1st ed.

Place of Publication:

New Haven, [Connecticut] ; London, [England] : Yale University Press, 2010.

Language Note:

English

Summary:

In this fascinating new history, Judith Stein argues that in order to understand our current economic crisis we need to look back to the 1970's and the end of the age of the factory-the era of postwar liberalism, created by the New Deal, whose practices, high wages, and regulated capital produced both robust economic growth and greater income equality. When high oil prices and economic competition from Japan and Germany battered the American economy, new policies-both international and domestic-became necessary. But war was waged against inflation, rather than against unemployment, and the government promoted a balanced budget instead of growth. This, says Stein, marked the beginning of the age of finance and subsequent deregulation, free trade, low taxation, and weak unions that has fostered inequality and now the worst recession in sixty years. Drawing on extensive archival research and covering the economic, intellectual, political, and labor history of the decade, Stein provides a wealth of information on the 1970's. She also shows that to restore prosperity today, America needs a new model: more factories and fewer financial houses.

Contents:

Front matter

Contents

Preface

Acknowledgments

1. ''The Great Compression''

2. 1971: Affluence Challenged and Restored

3. 1972: The Last Election of the 1960's

4. OPEC and the Trade Unionism of the Developing World

5. 1975: ''Capitalism is on the Run''

6. 1976: Morality and Economy

7. International Keynesianism in a Troubled World

8. Labor to Capital: Domestic Keynesianism on the Ropes

9. From Virtuous Circle to Perfect Storm: Oil Crisis, II

10. 1979-80: ''The Gnomes of Zurich Got Their Way''

11. Age of Inequality

Notes

Index

Notes:

Includes index.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

0-300-16329-0

OCLC:

884499544