An Extraordinary Time : The End of the Postwar Boom and the Return of the Ordinary Economy

The new economics -- The magic square -- Chaos -- Crisis of faith -- The great stagflation -- Gold boys -- Quotas and concubines -- The export machine -- The end of the dream -- The right turn -- Thatcher -- Socialism's last stand -- Morning in America -- The lost decade -- The new world.;"In An Extraordinary Time, acclaimed economic historian Marc Levinson recounts the global collapse of the postwar economy in the 1970s. While economists struggle to return us to the high economic growth rates of the past, Levinson counterintuitively argues that the boom years of the 1950s and 1960s were an anomaly; slow economic growth is the norm-no matter what economists and politicians may say. Yet these atypical years left the public with unreasonable expectations of what government can achieve. When the economy failed to revive, suspicion of government and liberal institutions rose sharply, laying the groundwork for the political and economic polarization that we're still grappling with today. A sweeping reappraisal of the last sixty years of world history, An Extraordinary Time describes how the postwar economic boom dissipated, undermining faith in government, destabilizing the global financial system, and forcing us to come to terms with how tumultuous our economy really is"--Publisher information.;"After World War II, the global economy experienced a golden age. As the rubble in cities like Berlin and Tokyo gave way to millions of new homes and businesses, incomes skyrocketed, and consumers rushed to purchase cars, electricity, indoor plumbing, and higher education. Between 1950 and 1973, Japan's per capita income rose nearly 600 percent; Germany's economy quadrupled during the same period. And in steel towns and manufacturing centers across the United States, people discovered a new freedom of mobility--social and physical--that had long eluded them. In An Extraordinary Time, acclaimed economic historian Marc Levinson describes how this age of miraculous growth and prosperity suddenly evaporated in the early 1970s, giving way to an era of anxiety and political extremism. Levinson argues that the boom years were really just that: an anomaly, and not one likely to be repeated. Slow economic growth is actually the norm, and the economy simply cannot be controlled in the ways that we would like--no matter what economists and politicians may say. The forces that had driven a quarter-century of rapid economic growth had simply played themselves out, while at the same time the Bretton Woods system of fixed international exchange rates--a structure that had been in place since 1944--collapsed, leaving exchange rates in the hands of traders and speculators who had no obligation to use them to promote stability. A sweeping reappraisal of the last sixty years of world history from an acclaimed economist, historian, and business reporter, An Extraordinary Time describes how the postwar economic boom dissipated in the early 1970s"--Publisher information. In An Extraordinary Time, Acclaimed Economic Historian Marc Levinson Recounts The Global Collapse Of The Postwar Economy In The 1970s. While Economists Struggle To Return Us To The High Economic Growth Rates Of The Past, Levinson Counterintuitively Argues That The Boom Years Of The 1950s And 1960s Were An Anomaly; Slow Economic Growth Is The Norm-no Matter What Economists And Politicians May Say. Yet These Atypical Years Left The Public With Unreasonable Expectations Of What Government Can Achieve. When The Economy Failed To Revive, Suspicion Of Government And Liberal Institutions Rose Sharply, Laying The Groundwork For The Political And Economic Polarization That We're Still Grappling With Today. A Sweeping Reappraisal Of The Last Sixty Years Of World History, An Extraordinary Time Describes How The Postwar Economic Boom Dissipated, Undermining Faith In Government, Destabilizing The Global Financial System, And Forcing Us To Come To Terms With How Tumultuous Our Economy Really Is-- The Decades After World War Ii Were A Golden Age Across Much Of The World. It Was A Time Of Economic Miracles, An Era When Steady Jobs Were Easy To Find And Families Could See Their Living Standards Improving Year After Year. And Then, Around 1973, The Good Times Vanished. The World Economy Slumped Badly, Then Settled Into The Slow, Erratic Growth That Had Been The Norm Before The War. The Result Was An Era Of Anxiety, Uncertainty, And Political Extremism That We Are Still Grappling With Today. In An Extraordinary Time, Acclaimed Economic Historian Marc Levinson Describes How The End Of The Postwar Boom Reverberated Throughout The Global Economy, Bringing Energy Shortages, Financial Crises, Soaring Unemployment, And A Gnawing Sense Of Insecurity. Politicians, Suddenly Unable To Deliver The Prosperity Of Years Past, Railed Helplessly Against Currency Speculators, Oil Sheikhs, And Other Forces They Could Not Control. From Sweden To Southern California, Citizens Grew Suspicious Of Their Newly Ineffective Governments And Rebelled Against The High Taxes Needed To Support Social Welfare Programs Enacted When Coffers Were Flush. Almost Everywhere, The Pendulum Swung To The Right, Bringing Politicians Like Margaret Thatcher And Ronald Reagan To Power. But Their Promises That Deregulation, Privatization, Lower Tax Rates, And Smaller Government Would Restore Economic Security And Robust Growth Proved Unfounded. Although The Guiding Hand Of The State Could No Longer Deliver The Steady Economic Performance The Public Had Come To Expect, Free-market Policies Were Equally Unable To Do So. The Golden Age Would Not Come Back Again. A Sweeping Reappraisal Of The Last Sixty Years Of World History, An Extraordinary Time Forces Us To Come To Terms With How Little Control We Actually Have Over The Economy.--dust Jacket. The New Economics -- The Magic Square -- Chaos -- Crisis Of Faith -- The Great Stagflation -- Gold Boys -- Quotas And Concubines -- The Export Machine -- The End Of The Dream -- The Right Turn -- Thatcher -- Socialism's Last Stand -- Morning In America -- The Lost Decade -- The New World. Marc Levinson. Includes Bibliographical References And Index. The decades after World War II were a golden age across much of the world. It was a time of economic miracles, an era when steady jobs were easy to find and families could see their living standards improving year after year. And then, around 1973, the good times vanished. The world economy slumped badly, then settled into the slow, erratic growth that had been the norm before the war. The result was an era of anxiety, uncertainty, and political extremism that we are still grappling with today. In An Extraordinary Time , acclaimed economic historian Marc Levinson describes how the end of the postwar boom reverberated throughout the global economy, bringing energy shortages, financial crises, soaring unemployment, and a gnawing sense of insecurity. Politicians, suddenly unable to deliver the prosperity of years past, railed haplessly against currency speculators, oil sheikhs, and other forces they could not control. From Sweden to Southern California, citizens grew suspicious of their newly ineffective governments and rebelled against the high taxes needed to support social welfare programs enacted when coffers were flush. Almost everywhere, the pendulum swung to the right, bringing politicians like Margaret Thatcher and Ronald Reagan to power. But their promise that deregulation, privatization, lower tax rates, and smaller government would restore economic security and robust growth proved unfounded. Although the guiding hand of the state could no longer deliver the steady economic performance the public had come to expect, free-market policies were equally unable to do so. The golden age would not come back again. A sweeping reappraisal of the last sixty years of world history, An Extraordinary Time forces us to come to terms with how little control we actually have over the economy. An acclaimed economic historian describes how the postwar boom abruptly ended in the early 1970s, launching an era of political and financial turmoil that we're still living in today.