Based on a series of lectures presented at the University of Southern California in 1977 and 1978 as a part of the Department of Economics' colloquium "Contemporary economic issues."
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
What are the keys to good economic policy? George P. Shultz and John B. Taylor draw from their several decades of experience at the forefront of national economic policy making to show how market fundamentals beat politically popular government interventions—be they from Democrats or Republicans—as a recipe for success. Choose Economic Freedom reconstructs debates from the 1960s and 1970s about the use of wage and price controls as tools of policy, showing how brilliant economists can hold diametrically opposed views about the wisdom of using government intervention to spur the economy. Speeches and documents from the era include a recently unearthed memo from Arthur Burns, Federal Reserve chair, in 1971, in which he argues in favor of controls. Under Burns's guidance and in the face of stubborn inflation, Nixon introduced wage and price guidelines and freezes. But over the long run, these became a drag on the economy and ultimately failed. It wasn't until the Reagan administration that these controls were reversed, resulting in a vibrant economy. The words of iconic economist Milton Friedman—whose "free to choose" ethos inspired the free-market revolution of the Reagan era—along with lessons Shultz and Taylor learned from the front lines, demonstrate that tried-and-true economic policy works.
This book analyzes the main causes of deterioration in the Jamaican economy since 1972 and assesses the prospects for returning to a period of stable growth under an International Monetary Fund Stabilization program. Considering both the role of international economic conditions and domestic policies on Jamaica's economic decline, Dr. Looney compares the viability of the socialist model of development, implemented between 1972 and 1980, with that of the U.S.-sponsored supply side model. He raises important questions about the ability of small open economies to sustain acceptable rates of growth in the existing world economic environment, the effectiveness of IMF Stabilization programs on these economies, the possible impact of supply side development strategies, and the significance of Caribbean Basin Initiative policies for growth and stability in the area.
Very Short Introductions: Brilliant, Sharp, Inspiring The Cold War dominated international life from the end of World War II to the fall of the Berlin Wall in 1989. But how did the conflict begin? Why did it move from its initial origins in Postwar Europe to encompass virtually every corner of the globe? And why, after lasting so long, did the war end so suddenly and unexpectedly? Robert McMahon considers these questions and more, as well as looking at the legacy of the Cold War and its impact on international relations today. The Cold War: A Very Short Introduction is a truly international history, not just of the Soviet-American struggle at its heart, but also of the waves of decolonization, revolutionary nationalism, and state formation that swept the non-Western world in the wake of World War II. McMahon places the 'Hot Wars' that cost millions of lives in Korea, Vietnam, and elsewhere within the larger framework of global superpower competition. He shows how the United States and the Soviet Union both became empires over the course of the Cold War, and argues that perceived security needs and fears shaped U.S. and Soviet decisions from the beginning—far more, in fact, than did their economic and territorial ambitions. He unpacks how these needs and fears were conditioned by the divergent cultures, ideologies, and historical experiences of the two principal contestants and their allies. Covering the years 1945-1990, this second edition uses recent scholarship and newly available documents to offer a fuller analysis of the Vietnam War, the changing global politics of the 1970s, and the end of the Cold War. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.
Wall Street scandals. Fights over taxes. Racial resentments. A Lakers-Celtics championship. The Karate Kid topping the box-office charts. Bon Jovi touring the country. These words could describe our current moment—or the vaunted iconography of three decades past. In this wide-ranging and wickedly entertaining book, New York Times bestselling journalist David Sirota takes readers on a rollicking DeLorean ride back in time to reveal how so many of our present-day conflicts are rooted in the larger-than-life pop culture of the 1980s—from the “Greed is good” ethos of Gordon Gekko (and Bernie Madoff) to the “Make my day” foreign policy of Ronald Reagan (and George W. Bush) to the “transcendence” of Cliff Huxtable (and Barack Obama). Today’s mindless militarism and hypernarcissism, Sirota argues, first became the norm when an ’80s generation weaned on Rambo one-liners and “Just Do It” exhortations embraced a new religion—with comic books, cartoons, sneaker commercials, videogames, and even children’s toys serving as the key instruments of cultural indoctrination. Meanwhile, in productions such as Back to the Future, Family Ties, and The Big Chill, a campaign was launched to reimagine the 1950s as America’s lost golden age and vilify the 1960s as the source of all our troubles. That 1980s revisionism, Sirota shows, still rages today, with Barack Obama cast as the 60s hippie being assailed by Alex P. Keaton–esque Republicans who long for a return to Eisenhower-era conservatism. “The past is never dead,” William Faulkner wrote. “It’s not even past.” The 1980s—even more so. With the native dexterity only a child of the Atari Age could possess, David Sirota twists and turns this multicolored Rubik’s Cube of a decade, exposing it as a warning for our own troubled present—and possible future.
In the 2nd half of the 1980s Japan's financial madness and arrogance centered on a booming stockmarket and rocketing land prices. Then the boom when spectacularly bust, leaving in its wake a withered stockmarket, crashing land prices, mountains of bad loans, and an economy in recession. The Bubble Economy reveals how Japan is spending the first half of the 1990s paying off these excesses in a process that threatens the world's economies with dire consequences, and questions many of the myths built up around Japanese management, pointing to levels of incompetence never before thought possible. --from publisher description