The Triumph of Broken Promises

In this pathbreaking study, Fritz Bartel argues that the economic shocks of the 1970s, particularly the oil crisis, made promises of better living untenable for both capitalist and communist governments.

This led to a shift from making promises to breaking them, with Western leaders like Ronald Reagan and Margaret Thatcher using neoliberalism to impose austerity and favor capital over labor.

In contrast, Eastern European governments struggled to reform and ultimately saw their legitimacy damaged.

The book provides a sweeping narrative that links the history of the Cold War and the rise of neoliberalism, highlighting the role of energy and financial markets in shaping global politics.