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[...] It has never been interested in upsetting capitalism or its key institutions. If the UAW had its way, the Long Boom would have been Longer, ideally Eternal. [...]

This underlines the fact that how we explain the crisis of the 1960s and 1970s is not merely "academic". On the contrary, it is enormously important today, both politically and economically, because we are constantly struggling over what lessons the past teaches. Different interpretations of the pa…

• 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 …

Although the term "Keynesian" has come to describe the deficit-financed welfare function of the state, as discussed in Chapter 2, it is in some ways quite far from what Keynes' theory suggests and the policies he endorsed. While he recognized the temporary need for state debts, he was no fan of p…

Bretton Woods (to which Keynes contributed significantly, although the final arrangements differed from his proposals in important ways) had three main formal aims: to promote and fund postwar European reconstruction, in Germany and France especially; to secure the political stability of debtor nat…