Macropolicy in the Rise and Fall of the Golden Age

Gerald Epstein and Juliet B. Schor

No wp-1988-038, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: The Golden Age was the era of demand management. Originally with monetary, and then fiscal policy, the governments of the advanced capitalist economies attempted to enhance and guide the accumulation process. They allocated credit, manipulated interest rates, and presided over a dramatic expansion in state expenditure. As the Golden Age eroded, and stagnation replaced prosperity, governments tried to manage the decline. Policy was actively used to reduce inflation and labor costs, enhance international competitiveness, or maintain employment.

Keywords: Economic integration; Economic growth; Economic policy; Macroeconomics (search for similar items in EconPapers)
Date: 1988
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Citations: View citations in EconPapers (2)

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