This is an important story and Hall does an excellent job telling it.
- J. Pete Ferderer, Macalester College, H-Net: Humanities and Social Science Reviews Online
During the 1970s and early 1980s, the U.S. economy followed a boom-bust cycle that included four recessions, high inflation, two bouts of soaring energy prices and petroleum shortages, a stock market that lost half of its inflation-adjusted value, and rising interest rates that eventually peaked at levels not seen since the Civil War. This book explains how this economic mess came about. The story begins with Bill Phillips, the economist who discovered an inverse relationship between inflation and unemployment. This finding led U.S. policymakers to believe that they could permanently stimulate economic growth by raising inflation. Next, it describes the various price fixing schemes put in place which eventually caused serious market imbalances: the Bretton Woods system of fixed exchange rates, the Regulation Q deposit rate ceilings, the price ceilings on petroleum and natural gas, and Richard Nixon's economy-wide price controls system. Also addressed is the role played by the heads of the Federal Reserve during these years. The book's final chapters examine how the economic program instituted in 1981 by Ronald Reagan helped cause the severe 1981-1982 recession, but also laid the foundation for the major economic boom that followed.
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This book describes the policy bungling by Washington politicians and Federal Reserve officials that led to the high inflation and economic instability that plagued the United States from 1965-1982. It then discusses the reversal of these policies, and how this resulted in the major economic expansion that followed.
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Chapter 1 List of Tables and Figures Chapter 2 Preface Chapter 3 Perverse Economic Policies Can Destroy an Economy Chapter 4 The Phillips Curve Chapter 5 Bretton Woods Chapter 6 Inflation and the Federal Reserve Chapter 7 Regulation Q Chapter 8 Wage and Price Controls in Action Chapter 9 Energy Crisis, Act I: Price Controls, Import Quota, and the Oil Embargo Chapter 10 The 1973-1975 Recession Chapter 11 The Energy Crisis, Act II: The Moral Equivalent of War (MEOW) Chapter 12 Paul Volcker at Federal Reserve Chapter 13 Reaganomics Chapter 14 The 1981-1982 Recession Chapter 15 The 1980s Economic Expansion Chapter 16 A Summing Up
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Produktdetaljer
ISBN
9780761826811
Publisert
2003-09-16
Utgiver
Vendor
University Press Of America
Vekt
386 gr
Høyde
206 mm
Bredde
144 mm
Dybde
22 mm
Aldersnivå
G, 01
Språk
Product language
Engelsk
Format
Product format
Heftet
Antall sider
296
Forfatter