Social Retreat and Economic Stagnation

On this eve of the 1980s, American capitalism is in the midst of a crisis that bewilders the conventional wisdom of both liberals and conservatives. The nation is, in a sense, in a period resembling the years between 1919 and 1933: a critical problem has emerged that the established theory can neither comprehend nor master; the old order is cracked, the new order has not yet emerged. Then it was the mass unemployment of the Great Depression that could not be understood or controlled; now it i...