The Reagan Reaction and the Coming of the ‘Great Moderation’

After World War II, the Keynesian reformers took unjustified credit for the postwar economic upswing. During the reactionary 1980s, it was the turn of the extreme right-wing governments that had come to power in Britain in 1979 and the United States in 1981 to take unjustified credit for the end of the protracted economic crisis of 1968-1982.

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