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The Thirty Glorious Years Raise the Bar:
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But then growth slowed, inflation increased, uncertainty and turmoil springing from oil markets and elsewhere became salient
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Thus the 1970s fail to clear the bar
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Calls for institutional reform of the social democracy that had guided the global north from 1945 became louder and louder
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And the only ideas that were deemed practical for implementation came from the right
A system that cannot produce stable prices cannot be working
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The only peacetime outburst of inflation
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At a surface level, other goals than reducing inflation took precedence
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At a deeper level, policymakers in the 1970s had bad cards
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At the deepest level, the memory of the Great Depression
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And bad luck that the inflation came when it did
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The heavy costs of the Volcker disinflation
Neoliberalism in the Global North: Unsuccessful, But It Persisted
. Why?
11.2.0. The Neoliberal Turn: Intro Video
2020-10-30
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