Activity

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

the ‘peace formula’, as it was called in the theoretical discussion in Frankfurt

Around the middle of the ‘Roaring Seventies’, later so called on account of the high expectations of prosperity and freedom that dominated politics and the public mood