Reagan and the Nemesis of Inflation


  • Paul M. Sweezy
  • Harry Magdoff



History, Political Economy


In an editorial published the day after Reagan defeated Carter, the New York Times wrote: The voters understood all too well, we think, that neither man really knows what to do about the economy, the debilitating cycles of ever higher inflation and stagnation. Yet that is the issue, above all, to which the next administration must devote itself. Without a stable economy, there can be no significant social development or effective defense and diplomacy. And only sustained and extraordinary political leadership will produce a stable economy. On one crucial problem after another, a whole generation of leaders have now failed the nation. Once the confetti is swept up and the bunting packed away, it is the people's resentment of those failures that should haunt the nation's new leaders over the next four years. (November 5, 1980)





Review of the Month