The year of the so called volker shock. That's when fed char paul volker sent interest rates the roof to tame high levels of inflation. What were the economic and political conditions at the time? Why did volker respond with his shock? And then why has that been so consequential for the past half century, in terms of orher power? Yes, that's a great question. Gust thogh, you know, the history is really important here. I'm an historian, but i don't think it's just my professional bias that makes me think the history is important here. You know, if we go back to the late nineteenth century,. inflation isn't much of a
Inflation is once again at the center of political debate. Dan interviews Tim Barker to put monetary policy in its historical and class war context.
Reading:
Preferred Shares by Tim Barker phenomenalworld.org/analysis/wage-share
email digradiopod@gmail.com for PDFs of the following two articles:
The Vietnam War and the Political Economy of Full Employment by Dean Baker, Robert Pollin and Elizabeth Zahrt
Class Conflict and the "Natural Rate of Unemployment" by Robert Pollin
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