Activity

the outcome depends on the reaction of owners of investment capital: inflation that turns into galloping inflation may trigger fear of asset losses and lead to capital flight

The development of the leading country of modern capitalism, the United States, is paradigmatic

The monetary stabilization of the world economy in the early 1980s was a tour de force that came with a high political risk

With the onset of stagflation – of stagnation despite accelerating inflation

Governments that sought social peace by means of inflation, introducing not yet existing resources into the capitalist distributional conflict, were able to draw on the magic of modern ‘fiat money’, the amount of which, politics commanding public power, may increase ad libitum