Abstract
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.
‘I have not a crumb of comfort, not a grain, time can but make her beauty over again.’ W. B. Yeats
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Reference
To give the book its full title, The General Theory of Employment, Interest and Money, by J. M. Keynes ( London: Macmillan, 1936 ).
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 ).
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’.
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© 1983 W. M. Scammell
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Scammell, W.M. (1983). Recession. In: The International Economy since 1945. Palgrave, London. https://doi.org/10.1007/978-1-349-17256-6_14
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DOI: https://doi.org/10.1007/978-1-349-17256-6_14
Publisher Name: Palgrave, London
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