by
Geoff Mann
- Low unemployment levels empowered labour, which demanded a bigger income share [...] thus reducing profit and slowing innovation.
- High capacity utilization the proportion of productive resources actually in use) and growth increased demand and stressed supply, causing inflation.
- Europe and Japan [...] "caught up" with the US, challenging the Bretton Woods political economic hierarchy, which was explicitly structured with the US on top.
- Existing technologies were pushed to their limits, reducing the Long Boom's unprecedented rates of productivity growth.
- The isolation of planned economies [...] allowed them to grow also [...] fanning domestic opposition in the capitalist core.
he's not offering his own views here, but more a common view held by liberals and conservatives alike. note the very orthodox flavour that seems to blame labour