1979 was a critical year. With the dollar weak, the American economy sliding into recession and EMS untried and in its infancy, it brought another oil crisis. In the spring OPEC raised its price by more than 40 per cent and world supplies of oil were reduced by the revolution in Iran.
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- 5.To give the book its full title, The General Theory of Employment, Interest and Money, by J. M. Keynes ( London: Macmillan, 1936 ).Google Scholar
- 6.Much of the later work of Abba Lerner has been concerned with extirpating stagflation. See, for example, A. P. Lerner and D. C. Colander, MAP: A Market Anti-Inflation Plan ( New York: Harcourt Brace, 1980 ).Google Scholar
- 7.For a good discussion of monetarism see D. Laidler, ‘Monetarism: An Interpretation and an Assessment’, Economic Journal (March 1981) pp. 2–29. Laidler sees monetarism as ‘a series of empirical propositions and policy prescriptions’.Google Scholar