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Marking the 50th anniversary of the end of the Bretton Woods economic system.
There was an Industrial Revolution, and it was slow. The debate’s been over for two decades. The gradualists, armed with new growth accounting techniques, have won, exorcising forever the Ashtonian vision of an eighteenth-century leap into exponential growth. Where historians once thought the spinning jenny, steam engine, and factory system the immediate preconditions of England’s dramatic transformation, they now accept that these advances emerged in a trickle in a few tiny sectors. Nicholas Crafts, a primary exponent of this “limited-gradualist” view, opens a recent survey on produ...
"Mass Incarceration Retards Racial Integration" The title of this post is the title of this recent working paper authored by Peter Temin for the Institute for New Economic Thinking. Here is its abstract: President Nixon replaced President Johnson’s War on Poverty with his War on Drugs in 1971. This new drug war was expanded by President Reagan and others to create mass incarceration. The United States currently has a higher percentage of its citizens incarcerated than any other industrial country. Although Blacks are only 13 percent of the population, they are 40 percent of the inca...
The New Deal and Recovery, Part 12: Fear Itself SHARE "This great Nation will endure as it has endured, will revive and will prosper. …[T]he only thing we have to fear is fear itself." —FDR, in his first inaugural address. "There is no place for industry; because the fruit thereof is uncertain." —Thomas Hobbes, on the state of nature, in Leviathan. Not the Sum of its Parts So far, I've tended to look at the New Deal as a set or sequence of distinct government policies and programs, remarking on how each either contributed to or hampered economic recovery. I've also dealt only wi...