How the United States Traded Factories for Finance in the Seventies
How the United States Traded Factories for Finance in the Seventies
The author argues that the current economic crisis is actually rooted in the 1970s, when the government fought inflation instead of unemployment and promoted a balanced budget instead of growth, an era that ended the age of the factory and ushered in the age of finance, and all the deregulation, free trade, low taxation and weak unions that came with it
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Argues that in order to understand our current economic crisis we need to look back to the 1970s 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.
