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Great Inflation and Its Aftermath: The Past and Future of American Affluence
     

Great Inflation and Its Aftermath: The Past and Future of American Affluence

by Robert J. Samuelson
 

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ISBN-10: 0812980042

ISBN-13: 2900812980041

Pub. Date: 01/26/2010

Publisher: Random House Publishing Group

The Great Inflation in the 1960s and 1970s, notes award-winning columnist Robert J. Samuelson, played a crucial role in transforming American politics, economy, and everyday life. The direct consequences included stagnation in living standards, a growing belief-both in America and abroad-that the great-power status of the United States was ending, and Ronald Reagan

Overview

The Great Inflation in the 1960s and 1970s, notes award-winning columnist Robert J. Samuelson, played a crucial role in transforming American politics, economy, and everyday life. The direct consequences included stagnation in living standards, a growing belief-both in America and abroad-that the great-power status of the United States was ending, and Ronald Reagan's election to the presidency in 1980. But that is only half the story. The end of high inflation led to two decades of almost uninterrupted economic growth, rising stock prices, and ever-increasing home values. Paradoxically, this prolonged prosperity triggered the economic and financial collapse of 2008 and 2009 by making Americans-from bank executives to ordinary homeowners-overconfident, complacent, and careless. The Great Inflation and its aftermath, Samuelson contends, demonstrated that we have not yet escaped the boom-and-bust cycles common in the nineteenth and early twentieth centuries. This is a sobering tale essential for anyone who wants to understand today's world.

Product Details

ISBN-13:
2900812980041
Publisher:
Random House Publishing Group
Publication date:
01/26/2010
Edition description:
NE
Pages:
352

Table of Contents

A Note to Readers xi

Acknowledgments xiii

Introduction to the Paperback Edition xvii

Preface to the Hardcover Edition xxvii

1 The Lost History 3

2 The "Full Employment" Obsession 47

3 The Money Connection 75

4 A Compact of Conviction 105

5 Capitalism Restored 139

6 Precarious Prosperity 175

7 The Future of Affluence 201

Glossary 253

Appendix 1 The American Economy Since 1950 263

Appendix 2 Post-World War II U.S. Business Cycles 271

Notes and Further Reading 275

Index 307

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