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Macropolicy in the Rise and Fall of the Golden Age

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  • Gerald Epstein
  • Juliet B. Schor

Abstract

The Golden Age was the era of demand management. Originally with monetary, and then fiscal policy, the governments of the advanced capitalist economies attempted to enhance and guide the accumulation process. They allocated credit, manipulated interest rates, and presided over a dramatic expansion in state expenditure. As the Golden Age eroded, and stagnation replaced prosperity, governments tried to manage the decline. Policy was actively used to reduce inflation and labor costs, enhance international competitiveness, or maintain employment.

Suggested Citation

  • Gerald Epstein & Juliet B. Schor, 1988. "Macropolicy in the Rise and Fall of the Golden Age," WIDER Working Paper Series wp-1988-038, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:wp-1988-038
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    File URL: https://www.wider.unu.edu/sites/default/files/WP38.pdf
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    References listed on IDEAS

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    Cited by:

    1. Epstien, Gerald & Gintis, Herbert, 1989. "International Capital Markets and the Limits of National Economic Policy," WIDER Working Papers 295606, United Nations University, World Institute for Development Economic Research (UNU-WIDER).
    2. Lipietz Alain, 1990. "Inflation, north and south : monetary aspects," CEPREMAP Working Papers (Couverture Orange) 9017, CEPREMAP.

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