America's Failing Economy and the Rise of Ronald Reagan
This book examines one of the most important economic outcomes in American history—the breakdown of the Keynesian Revolution. Drawing on economic literature, the memoirs of economists and politicians, and the popular press, Eric Crouse examines how econom
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America’s Failing Economy and the Rise of Ronald Reagan
Eric R. Crouse
America’s Failing Economy and the Rise of Ronald Reagan
Eric R. Crouse Tyndale University College Toronto, ON, Canada
ISBN 978-3-319-70544-6 ISBN 978-3-319-70545-3 (eBook) https://doi.org/10.1007/978-3-319-70545-3 Library of Congress Control Number: 2017962434 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: nsf / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
In memory of David George Ellis (1936–2016)
Preface
When I graduated from high school in 1978, I had no clue about stagflation. As I pursued my dream of racing professional motocross, I did not think of the stagnant economy and high inflation that made it difficult for young people to find good-paying jobs. Often on the road in the years 1979 and 1980, I witnessed the high inflation that contributed to the rising cost of gasoline and high interest rates. It was no fun taking a financial hit when I could only pay the minimum monthly credit card payment. I had assumed all this was normal. It was probably a good thing that I was unaware of how bad the economy was, and how a Keynesian mindset often steered the economy in the wrong direction with fewer employment opportunities. After my motocross career was over by the mid-1980s, I had more time to think about the economy and decisions by leaders who favored politics over economics. It was only about 10 years ago, however, that I began the process of focusing on economics in my academics. My first book on economic history, published in 2013, was on Reaganomics during the 1980s. Writi
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