Jimmy Carter's Economy: Policy in an Age of Limits

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Univ of North Carolina Press, Oct 16, 2003 - Business & Economics - 368 pages
The massive inflation and oil crisis of the 1970s damaged Jimmy Carter's presidency. In Jimmy Carter's Economy, Carl Biven traces how the Carter administration developed and implemented economic policy amid multiple crises and explores how a combination of factors beyond the administration's control came to dictate a new paradigm of Democratic Party politics.

Jimmy Carter inherited a deeply troubled economy. Inflation had been on the rise since the Johnson years, and the oil crisis Carter faced was the second oil price shock of the decade. In addition, a decline in worker productivity and a rise in competition from Germany and Japan compounded the nation's economic problems. The resulting anti-inflation policy that was forced on Carter included controlling public spending, limiting the expansion of the welfare state, and postponing popular tax cuts. Moreover, according to Biven, Carter argued that the ambitious policies of the Great Society were no longer possible in an age of limits and that the Democratic Party must by economic necessity become more centrist.

 

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Contents

The 1980 Campaign
1
The 1976 Campaign
15
The Process of Economic Advice
39
CHAPTER 4 The Stimulus Package
61
CHAPTER 5 The Mondale Mission and the London Summit
95
CHAPTER 6 Strategy for Inflation
123
CHAPTER 7 The Bonn Summit
145
The Internal Debate
163
CHAPTER 9 The Worsening Inflation
185
CHAPTER 10 Government Actions and Inflation
209
CHAPTER 11 Enter Paul Volcker
237
CHAPTER 12 Jimmy Carter and the Age of Limits
253
Notes
265
Bibliography
321
Index
339
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About the author (2003)

W. Carl Biven is professor emeritus of economics at the Georgia Institute of Technology. His previous books include Who Killed John Maynard Keynes?: Conflicts in the Evolution of Economic Policy.

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