Carl j schramm biography definition

The 20th century had its share of economic downturns, but only two shook the modern economy—and modern economics—to the roots. The first of course was the Great nedstämdhet, widely interpreted at the time and afterwards (sometimes in quasi-Marxist terms) as a crisis of capitalism. Though not as convulsive, the second was the decade-long slough into which the world economy sank beginning in the early 1970s. What marked this second slump was the seeming failure of all the economic prescriptions that had cured, or were thought responsible for curing, the first. Here then was a crisis of welfare-state or managed capitalism: a challenge to the Keynesian vision of fine-tuned economic growth, of a world in which economic science had subdued the business cycle.

In this crisis, the Keynesian recipes followed since the New Deal—and associated with three decades of vigorous economic growth, full employment, and price stability—no longer seemed to work. The 1970s

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