The Crisis of Social Democracy

1
The Crisis of Social Democracy

• American Economic History
• November 26, 2007
• Brad DeLong

2
The Crisis of Social Democracy

• The Revolt of the Haves
• Government as the Problem
• Government as Disciplinarian
• The Troubles of the 1970s
• Macroeconomic Breakdown and Other Factors
• Ronald Reagan
• Reaganolitics
• Reaganomics
• Reagonology
• The State and the Economy since 1980

3
The Revolt of the Haves

• The Great Society
• Clark Kerr and Company
• Ronald Reagan The Last Liberal Governor
• Proposition 13
• Deregulation, Inflation, Productivity Slowdown

4
The Troubles of the 1970s

• The Macroeconomic Breakdown
• Inflation
• Unemployment
• Stagflation
• Productivity Slowdown
• Crime and Public Order
• Oil Shocks
• Iranian Hostages
• Carter-Era Deregulation

5
Ronald Reagan

• The Liberal Governor
• The Conservative Candidate
• The Puzzled Executive
• Reaganolitics
• Government Is the Problem
• The Restoration of Discipline
• Morning in America
• Reaganomics
• Tax Cuts
• The Spending Side
• The Regulatory Side
• Reaganology
• Zero Tolerance and Broken Windows
• Cadillac Drivers

6
The State and the Economy since 1980

• The Era of Big Government Is Over
• The Era of Big Deficits Is Upon Us
• Starve the Beast
• The Effective Size of Government
• The End of the Great Society
• The Drivers
• The Aging of America
• The Explosion in Medical Costs