December 2007. They also supported new policy organizations, founded in the early 1970s, like the Institute for Contemporary Studies and the Heritage Foundation. The right drew on currents.S. Facing multiple threats during the crisis of the 1970s, capitalists (especially the very largest capitalist corporations) mobilized in extraordinarily effective ways to ensure that the crisis was resolved in a way that was favorable to their shared class interests. They could develop reform proposals of their own, to challenge not just this or that economic policy, but the foundations of the capitalist system itself. The economy seemed trapped in the new nightmare of stagflation, so called because it combined low economic growth and high unemployment (stagnation) with high rates of inflation. This is not to say that what is in the interests of capitalists (profits) is also in the interests of workers, except perhaps in the way one could say it is in the interest of an armed robber to get the victims money and. Schor, The Golden Age of Capitalism: Reinterpreting the Postwar Experience, Clarendon Press, 1990; Bureau of Economic Analysis, National Economic Analysis, Current Dollar and Real GDP.gov ; Bureau of Labor Statistics, Labor Force Statistics from the Current Population Survey, Annual Averages, Unemployment Rate, Historical Data. By the late 1970s, two major pieces of reform legislation, a labor-law reform proposal backed by the AFL-CIO and a bill to establish a consumer-protection agency, went down in defeat, largely due to the business mobilization against them. Gerald Ford pardoning a turkey. This tradeoff left policymakers with the means to combat unemployment or inflation when either appeared separately.
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Chamber of Commerce, and large corporations created a major new organization, the Business Roundtable. Marglin and Juliet. Trump and National Neoliberalism, Revisited, an assessment of the Trump presidency, one year. Please consider supporting our work by donating or subscribing). (Nixon responded to the threat of inflation with unprecedented peacetime wage and price controls.) In, the first of two major oil shocks increased the price of petroleum four-fold, dramatically raising energy costs for both consumers and businesses. If instead of in jTM Developments 1973, opec had tried to raise prices and restrict production in 1953 or in 1963, radical economist Stephen. These outcomes are unlikely to be positive without a resurgence of social movementsthe labor movement and othersto counter the power of large corporations and right-wing populism.