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The Costs of Stability: The Advanced Capitalist Countries in the 1980s
It is widely recognized that economic policy in the advanced capitalist countries shifted profoundly in the 1980s. Employment levels were abandoned to market processes, government deficits would be eliminated to squeeze inflation and release resources for private initiative, profitability had to be restored to improve the climate for investment previously ‘crowded out’, and the egalitarian trends in government intervention had to be reversed in the name of incentives. Fundamentally this lurch represented an attempt to claw back from workers some of the economic gains that the long period of high employment had brought, full employment and growing wages and welfare spending being blamed for the deterioration of economic performance of the later 1960s and the 1970s.
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