Unemployment and Inflation

Abstract

For the advanced capitalist countries of the world, the 1970s have been nothing to write home about. This decade has seen a retardation of growth, widespread unemployment, sharp and persistent inflation, no end to inequalities, and much social unrest. As if all this were not bad enough, the gods on high have also seen fit to create, during these years, seven new Marxist countries, the specter of Eurocommunism, and a few more menacing national-liberation movements marching under red banners. It would seem that just when the capitalist ramparts are cracking, beyond them appears a colossus, a Goya-like giant of mean and threatening aspect.

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