Shocks, Policy Shifts, and Another Long Boom
Shocks, Policy Shifts, and Another Long Boom
This chapter explains how the higher level of prosperity attained during the second “golden age” was threatened during the late 1960s and early 1970s. Pressures for a significant restructuring in the economy arose from a boom in mineral production, the onset of Asian industrialization, and a spike in world energy prices. These forces eventually led to the adoption of more outward-oriented policies with respect to trade and capital flows and a more market-oriented approach to the regulation of the domestic economy—policies more akin to those pursued in the nineteenth century. In pursuit of enhanced levels of prosperity, the policy reforms during the 1980s and 1990s were numerous and significant, requiring the abolition or adaptation of some key economic institutions.
Keywords: prosperity, mineral production, Asian industrialization, world energy, capital flows, market-oriented approach, policy reforms
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