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[...] It put capital back on top of the political economic hierarchy--it had never really been usurped, but it had been forced to cater to the rabble--by choosing domestic conflict management option (b) above: clamp down by reducing government spending, raising interest rates, suppressing wages and…

[...] the crisis that ended the good ol' days of the Long Boom was a distributional struggle. Orthodoxy almost never says this explicitly, but it is right there in its account of the history of capitalism. This struggle had two fronts: (1) a struggle between labour and capital over the distributi…

[...] 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 …