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fostered ...
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interventionis...
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The state in effect became a force field that internalize...
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labour unions and political partie...
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real influence within the stat...
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end of th...
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embedded lib...
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break...
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internati...
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domestic eco...
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Signs of a serious crisis of capital accumulation were ev...
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Unemployment and ...
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surging ever...
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global phase of ‘st...
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throughout much of t...
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Fiscal ...
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resulted as tax revenu...
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social expenditure...
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Keynesian policies were no lon...
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Bretton Woods system of fix...
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rates backed by gold reserves had fallen ...
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porosity of state b...
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respect to capit...
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stress on the system of fixed exc...
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do...
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flooded th...
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escaped US c...
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deposited in Europe...
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Fixed exchange rates were therefore aban...
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Gold could no longer function as the metallic base of international money; exchange rates were allowed to float, and attempts to control the float were soon abandoned.
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embedded liberalism
was clearly exhausted and was no lo...
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Some alternative was called for if the crisis was...
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One answer was to deepen state control and regulation of the economy through...
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curbing the aspirations...
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popular mo...
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through austerity ...
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incomes po...
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even wage and price c...
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This answer was advanced by socialist and communist parties in Europe, with hopes pinned on innovative experiments in governance in places such as communist-controlled ‘Red Bologna’ in Italy, on the revolutionary transformation of Portugal in the wake of the collapse of fascism, on the turn towards a more open market socialism and ideas of ‘Eurocommunism’, particularly in Italy (under the leadership of Berlinguer) and in Spain (under the influence of Carrillo), or on the expansion of the strong social democratic welfare state tradition in Scandinavia.
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considerable popular power
behind such pro...
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in ...
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Port...
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Fr...
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S...
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Bri...
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Scandi...
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Even in the United States, a Congress controlled by the Democratic Party legislated a huge wave of regulatory reform in the early 1970s (signed into law by Richard Nixon, a Republican president, who in the process even went so far as to remark that ‘we are all Keynesians now’), governing everything from environmental protection to occupational safety and health, civil rights, and consumer protection.
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