Lipietz, Alain. (1987). Mirages and Annotated Bibliography

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The rapid expansion of American manufacturing power was not due to purely domestic circumstances. Post-war, because the American economy was so strong relative to Europe and Japan, America had a wide array of venues in which to sell its products. This is why the postwar era is often called a kind of Golden Age of American manufacturing. America dominated all major industries and the dollar was the world standard of currency. However, as Fordist philosophies gradually began to be adopted by other nations, and with the growing prosperity of Japan and Europe, high wages began to have an unfavorable impact upon the prices of American consumer goods.

During the 1970s, the rapid increase of oil prices and the fall of the American dollar created recessionary conditions in the U.S. that proved to be hard to change. Conventional Keynesian thinking suggested that prices fall during a recession.

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Consumers stop buying for fear of losing their jobs, further causing an economic spiral downward. Keynes' solution was for the government to spend more money to fuel economic productivity and to encourage employers to hire again. This was how the U.S. extricated itself from the Great Depression, through the New Deal and even more importantly the industrial growth during World War II. But the 1970s presented a curious phenomenon of rapid inflation and high unemployment rates during an economic slowdown. However, while the economy struggled in the U.S. And in the other major industrial areas due to the oil crisis, it did not fall into the 'free fall' of previous decades, primarily because of the stronger social safety net, which kept consumption at high enough levels to avoid a spiral of depression, despite government austerity measures and pressure to cut wages......

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