Ones and Tooze The Economic Legacy of Jimmy Carter
Jan 15, 2025
Dive into the complex economic legacy of Jimmy Carter, exploring his innovative strategies during turbulent times. Discover his approach to inflation, his hesitant shift towards deregulation, and the pivotal role of Paul Volcker. Uncover how Carter's foreign policy, especially relations with China, laid the groundwork for globalization. The discussion also highlights America’s transformation from a leader to a partner in global economic diplomacy and how Carter's presidency set the stage for the neoliberal policies that followed in the 1980s.
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Carter's Inflation Challenge
- Jimmy Carter inherited a complex inflation problem and a limited toolkit.
- He initially resisted using interest rates to combat inflation due to social concerns and principle.
Deregulation as a Progressive Tool
- Carter's deregulation policies targeted sectors like energy, transportation, and even beer.
- This approach aimed to dismantle monopolies and streamline government, reflecting a progressive stance.
Fiscal Conservatism and the Dual Mandate
- Carter, a fiscal conservative, prioritized redistributive taxation and resisted a federal jobs guarantee.
- He signed the Humphrey-Hawkins Act, establishing a dual mandate for the Fed, but remained cautious about unemployment targets.