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Overview
In this fascinating new history, Judith Stein 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. 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 1970s. She also shows that to restore prosperity today, America needs a new model: more factories and fewer financial houses.
Judith Stein is professor of history at the City College and Graduate Center of the City University of New York. She is the author of The World of Marcus Garvey and Running Steel, Running America.
Table of Contents
Preface ix
Acknowledgments xv
1 "The Great Compression" 1
2 1971: Affluence Challenged and Restored 23
3 1972: The Last Election of the 1960s 51
4 OPEC and the Trade Unionism of the Developing World 74
5 1975: "Capitalism Is on the Run" 101
6 1976: Morality and Economy 130
7 International Keynesianism in a Troubled World 154
8 Labor to Capital: Domestic Keynesianism on the Ropes 176
