An Extraordinary Time: The End of the Postwar Boom and the Return of the Ordinary Economy
In An Extraordinary Time, acclaimed economic historian Marc Levinson describes how the end of the postwar boom reverberated throughout the global economy, bringing energy shortages, financial crises, soaring unemployment, and a gnawing sense of insecurity. Politicians, suddenly unable to deliver the prosperity of years past, railed haplessly against currency speculators, oil sheikhs, and other forces they could not control. From Sweden to Southern California, citizens grew suspicious of their newly ineffective governments and rebelled against the high taxes needed to support social welfare programs enacted when coffers were flush.
Almost everywhere, the pendulum swung to the right, bringing politicians like Margaret Thatcher and Ronald Reagan to power. But their promise that deregulation, privatization, lower tax rates, and smaller government would restore economic security and robust growth proved unfounded. Although the guiding hand of the state could no longer deliver the steady economic performance the public had come to expect, free-market policies were equally unable to do so. The golden age would not come back again.
A sweeping reappraisal of the last sixty years of world history, An Extraordinary Time offers forces us to come to terms with how little control we actually have over the economy.
EDITOR'S CHOICE: An Extraordinary Time: The End of the Postwar Boom and the Return of the Ordinary Economy
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