Lunacy in the Midst of Plenty

  • Leo Huberman
  • Paul M. Sweezy
Keywords: Political Economy


The recession of 1957-1958 is over and the American economy is once again in the prosperity phase of the business cycle—"prosperity that looks like it is assuming boom proportions," said President Eisenhower not long before the beginning of the steel strike in July. The charts and statistics all agree. The recovery from the low point around the middle of 1958 has been sharp and general, and by the middle of 1959 most of the important economic indicators were well above their prerecession levels.
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