front cover of Age of Fracture
Age of Fracture
Daniel T. Rodgers
Harvard University Press, 2011

In the last quarter of the twentieth century, the ideas that most Americans lived by started to fragment. Mid-century concepts of national consensus, managed markets, gender and racial identities, citizen obligation, and historical memory became more fluid. Flexible markets pushed aside Keynesian macroeconomic structures. Racial and gender solidarity divided into multiple identities; community responsibility shrank to smaller circles. In this wide-ranging narrative, Daniel T. Rodgers shows how the collective purposes and meanings that had framed social debate became unhinged and uncertain.

Age of Fracture offers a powerful reinterpretation of the ways in which the decades surrounding the 1980s changed America. Through a contagion of visions and metaphors, on both the intellectual right and the intellectual left, earlier notions of history and society that stressed solidity, collective institutions, and social circumstances gave way to a more individualized human nature that emphasized choice, agency, performance, and desire. On a broad canvas that includes Michel Foucault, Ronald Reagan, Judith Butler, Charles Murray, Jeffrey Sachs, and many more, Rodgers explains how structures of power came to seem less important than market choice and fluid selves.

Cutting across the social and political arenas of late-twentieth-century life and thought, from economic theory and the culture wars to disputes over poverty, color-blindness, and sisterhood, Rodgers reveals how our categories of social reality have been fractured and destabilized. As we survey the intellectual wreckage of this war of ideas, we better understand the emergence of our present age of uncertainty.

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The Barbaric Counter Revolution
Cause and Cure
By W. W. Rostow
University of Texas Press, 1983

In the 1980s, troubled Americans saw interest rates in the United States climb to an alltime high, unemployment grow to over 10 percent, the federal deficit reach near monumental proportions, and the world economy as a whole fall stagnant.

Why did a once booming world economy give way to stagflation? Economist W. W. Rostow finds the roots of the problem in the phenomenon he terms the Barbaric Counter-Revolution—the effort to wring inflation out of the economic system by the rigorous application of a restricted rate of increase in the money supply. This policy was launched by the Carter administration in October 1979, reinforced by President Reagan in mid 1980, and abandoned in August 1982. In the end, it provided the United States with no mechanism for rapid recovery that did not bring with it a return to high interest rates, resumed inflation, and, soon, another recession.

In what he terms a Civilized Synthesis, Rostow sets forth a series of new policies that would permit rapid, sustained growth with inflation under control. He argues that fiscal and monetary policy must be joined by an incomes policy that would gear the rate of increase of wages and salaries to the average rate of increase in productivity. He explores how this could be accomplished within the context of American politics and existing institutions. Finally, Rostow identifies four directions for investment that, together, would yield economic and social benefits.

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Economic Policy Beyond the Headlines
George P. Shultz and Kenneth W. Dam
University of Chicago Press, 1998
Drawing from their experience as government insiders, George P. Shultz and Kenneth W. Dam show how economic policy is shaped at the highest levels of government. They reveal the interconnections between economic, social, and international policy, covering issues such as the advocacy system and the role of the individual in shaping policy. A new chapter, 'A Changed World,' explores the various influences of our increasingly global economy on economic strategy. With rare candor, authority and breadth of vision, Shultz and Dam have produced a brilliant introduction to economic policy, its principles, and practice.

"A model of brevity and lucidity . . . [Economic Policy Beyond the Headlines] incorporates a unique and rewarding blend of economic reasoning with a high level of political awareness . . . enriched by the wide personal experience in government of the authors."—Albert T. Sommers, Across the Board

"[Shultz and Dam] help foreign readers to understand why the world looks so different from Washington. . . . This book should provide the model."—The Economist

"A wise and valuable book showing great insight into the realities of economic policy making."—Henry A. Kissinger
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The Imperious Economy
David P. Calleo
Harvard University Press, 1982

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Meltdown Expected
Crisis, Disorder, and Upheaval at the end of the 1970s
Aaron J. Leonard
Rutgers University Press, 2024
In January 1978, President Jimmy Carter proclaimed that “There is all across our land a growing sense of peace and a sense of common purpose.” Yet in the ensuing months, a series of crises disturbed that fragile sense of peace, ultimately setting the stage for Reagan’s decisive victory in 1980 and ushering in the final phase of the Cold War. 
 
Meltdown Expected tells the story of the power shifts from late 1978 through 1979 whose repercussions are still being felt. Iran’s revolution led to a hostage crisis while neighbouring Afghanistan became the site of a proxy war between the USSR and the US, who supplied aid to Islamic mujahideen fighters that would later form the Taliban. Meanwhile, as tragedies like the Jonestown mass suicide and the assassination of Harvey Milk captured the nation’s attention, the government quietly reasserted and expanded the FBI’s intelligence powers. Drawing from recently declassified government documents and covering everything from Three Mile Island to the rise of punk rock, Aaron J. Leonard paints a vivid portrait of a tumultuous yet pivotal time in American history. 
 
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The Promise of Greatness
Sar A. Levitan and Robert Taggart
Harvard University Press, 1976

What is the right social policy for the future? Sar A. Levitan and Robert Taggart have written a book that dispassionately examines recent social programs. They respond to the fashionable arguments that question the results of government intervention and the need to correct social and economic ills. They weigh the charges that new programs have been wasteful, ineffective, and even counterproductive. The authors disprove the notion that recent social programs have failed, that recipients of aid have been hurt more than helped, or that the means and the ends of the last decade’s social policies were misconceived.

They base their conclusions upon data gathered by a host of governmental agencies as well as by other scholarly studies. Among their major findings:

— The expansion of welfare will not continue indefinitely since most of those in need have been reached. In a healthy economy welfare costs will stabilize. In spite of its shortcomings, welfare has resulted in a more equitable, comprehensive system of income protection.
— Medicare and Medicaid have not contributed to a national “health crisis” but have delivered health care to millions who might otherwise have been unable to afford it.
— Housing assistance has been unfairly condemned. While changes are warranted the concepts are sound and the benefits undeniable.
— Federal programs for vocational training, job placement, remedial education, and other services have a high payoff for the individuals involved and for society as a whole.
— Federal efforts have been instrumental in the substantial progress made by minorities.

Levitan and Taggart consistently document effective, positive achievements by government to promote the general welfare and to redress many of the nation’s most serious social and economic ills stemming from poverty, discrimination, and old age. They argue that an affluent and compassionate society has the ability and responsibility to extend rather than to retrench its basic system of protection for those who cannot make it on their own. If progress toward a just society is to continue, the new agenda must begin with a judicious and comprehensive reappraisal of last decade’s reforms. The Promise of Greatness provides such a perspective. Based upon a sound analysis of past legislation, it will certainly be an indispensable guide to the future policies that shape this country.

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front cover of Rational Expectations and Economic Policy
Rational Expectations and Economic Policy
Edited by Stanley Fischer
University of Chicago Press, 1982
"Several areas in economics today have unprecedented significance and vitality. Most people would agree that stabilization policy ranks with the highest of these. Continuing inflation and periodic serious acceleration of inflation combined with high and secularly rising unemployment combine to give the area high priority. This book brings us up to date on an extremely lively discussion involving the role of expectations, and more particularly rational expectations, in the conduct of stabilization policy. . . . Anyone interested in the role of government in economics should read this important book."—C. Glyn Williams, The Wall Street Review of Books

"This is a most timely and valuable contribution. . . . The contributors and commentators are highly distinguished and the editor has usefully collated comments and the ensuing discussion. Unusually for a conference proceedings the book is well indexed and it is also replete with numerous and up-to-date references. . . . This is the first serious book to examine the rational expectations thesis in any depth, and it will prove invaluable to anyone involved with macroeconomic policy generally and with monetary economics in particular."—G. K. Shaw, The Economic Journal
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