Pivotal Decade: How the United States Traded Factories for Finance in the Seventies

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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.

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Editorial Reviews

The Journal of American History
“An extraordinary achievement.”—The Journal of American History
The Nation

". . . a highly original illumination of how the American Century collapsed."--Rick Pearlstein, The Nation

— Rick Pearlstein

TheBrowser.com

“Pivotal Decade is an important explanation of how liberal became a dirty word and how conservative views came to dominate American political life for so long.”—Eric Foner, TheBrowser.com

— Eric Foner

Virginia Quarterly Review

"[An] elegant, pinpoint dissection of the economic mistakes and far-reaching policy decisions of the seventies."—Oscar Villalon, Virginia Quarterly Review

— Oscar Villalon

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Product Details

  • ISBN-13: 9780300118186
  • Publisher: Yale University Press
  • Publication date: 5/25/2010
  • Edition description: New Edition
  • Pages: 384
  • Product dimensions: 6.20 (w) x 9.30 (h) x 1.10 (d)

Meet the Author

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.

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