Samuelson - The Great Inflation and Its Aftermath, Economics
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THE
GREAT
INFLATION
AND ITS
AFTERMATH
THE PAST AND FUTURE OF
AMERICAN AFFLUENCE
ROBERT J.
SAMUELSON
NEWSWEEK
AND
WASHINGTON POST
COLUMNIST
U.S.A. $26
.00
Canada $30.00
t's a giant gap in our history. The Great Inflation,
argues award-winning columnist Robert J. Sam-
uelson in this provocative book, was the worst
domestic policy blunder of the postwar era and
played a crucial role in transforming American poliÂ
tics, economy, and everyday life—and yet its story is
hardly remembered or appreciated. In these uncertain
economic times, it is more imperative than ever that
we understand what happened in the 1960s and 1970s,
lest we be doomed to repeat our mistakes.
From 1960 to 1979, inflation rose from barely more
than 1 percent to nearly 14 percent. It was the greatÂ
est peacetime inflationary spike in this nation's hisÂ
tory, and it had massive repercussions in every area of
our lives. The direct consequences included Ronald
Reagan's election to the presidency in 1980, stagnaÂ
tion in living standards, and a growing belief—both in
America and abroad—that the great-power status of
the United States was ending.
The Great Inflation and
Its Aftermath
traces the origins and rise of double-
digit inflation and its fall in the brutal 1981-82 recesÂ
sion, engineered by the Federal Reserve under then-
chairman Paul Volcker and with the staunch backing
of Reagan.
But that is only half the story The end of high
inflation triggered economic and social changes that
are still with us. The stock market and housing booms
were both direct outcomes; American business
became more productive—and also much less protecÂ
tive of workers—and globalization was encouraged.
We cannot understand today's world, Samuelson
contends, without understanding the Great Inflation
and its aftermath. Nor can we prepare for the future
unless we heed its lessons. This incisive and enlightÂ
ening book will stand as the authoritative account of a
watershed event of our times.
I
ROBERT
J. SAMUELSON
is a columnist for
Newsweek
and
The Washington Post.
He began his jourÂ
nalism career as a reporter for the
Post
in 1969. He is
the author of
The Good Life and Its Discontents: The
American Dream in the Age of Entitlement, ip^j-ipçy
and
Untruth: Why the Conventional Wisdom Is (Almost Always)
Wrong,
a collection of his columns. He lives in
Bethesda, Maryland, with his wife, Judy Herr. They
have three children.
Jacket design: Julie Metz Design
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New York, N.Y.
© 2008 by Random House, Inc.
Praise for Robert J. Samuelson's
THE GOOD LIFE
AND
ITS DISCONTENTS
The American Dream in the Age of Entitlement,
ip^f—ippf
A
New
York
Times
Business Book Bestseller
"Original, intellectually sound and fun to read."
—MANCUR OLSON,
The Wall Street Journal
"Shrewd and optimistic ... combines first-rate analysis with
persuasive historical, political and sociological insights."
—JAGDISH BHAGWATI,
The New Republic
"A smart, balanced epitaph for an era—
with a few clues for what's ahead."
—ROBERT J. DOWLING,
BusinessWeek
"Lucid [and] nonsectarian ... Samuelson traces how
the reasonable demand for progress has given way to
the excessive demand for perfection."
—ROBERT KUTTNER,
The New York Times
ISBN
978-0-375-50548-5
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