The 1970s Weren’t What You Think

{
  "authors": [
    "Adam Tooze"
  ],
  "type": "legacyinthemedia",
  "centerAffiliationAll": "dc",
  "centers": [
    "Carnegie Endowment for International Peace"
  ],
  "collections": [],
  "englishNewsletterAll": "ctw",
  "nonEnglishNewsletterAll": "",
  "primaryCenter": "Carnegie Endowment for International Peace",
  "programAffiliation": "EP",
  "programs": [
    "Europe"
  ],
  "projects": [],
  "regions": [
    "Iran"
  ],
  "topics": [
    "Economy"
  ]
}

In The Media

The 1970s Weren’t What You Think

The experience of the 1970s informs today’s mainstream view that it is important to act preemptively to forestall the buildup of inflationary expectations.

By Adam Tooze

Published on Jul 1, 2022

Foreign Policy

About the Author

Adam Tooze

Nonresident Scholar, Europe Program, Carnegie Europe

Tooze is a nonresident scholar with the Europe Program and Carnegie Europe.

Economy Iran

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

More Work from Carnegie China

Commentary
Emissary
The Xi Doctrine Zeros in on “High-Quality Development” for China’s Economic Future
In the latest Five-Year Plan, the Chinese president cements the shift to an innovation-driven economy over a consumption-driven one.
Damien Ma
Commentary
How China’s Growth Model Determines Its Climate Performance
Rather than climate ambitions, compatibility with investment and exports is why China supports both green and high-emission technologies.
Mathias Larsen
Commentary
What’s New about Involution?
“Involution” is a new word for an old problem, and without a very different set of policies to rein it in, it is a problem that is likely to persist.
Michael Pettis
Commentary
The Chinese Investment Riddle: What Cities Reveal
While China's investment story seems contradictory from the outside, the real answers to Beijing's high-quality growth ambitions are hiding in plain sight across the nation's cities.
Yuhan Zhang
Commentary
Using China’s Central Government Balance Sheet to “Clean up” Local Government Debt Is a Bad Idea
China's stimulus addiction cannot go on forever. Beijing still has policy space to clean up the country's massive debt issue, but time is running short.
Michael Pettis

More Work from Carnegie China

Xi walking into a room with people standing and applauding around him

Commentary

Emissary

The Xi Doctrine Zeros in on “High-Quality Development” for China’s Economic Future

In the latest Five-Year Plan, the Chinese president cements the shift to an innovation-driven economy over a consumption-driven one.

Damien Ma

Commentary

How China’s Growth Model Determines Its Climate Performance

Rather than climate ambitions, compatibility with investment and exports is why China supports both green and high-emission technologies.

Mathias Larsen

Commentary

What’s New about Involution?

“Involution” is a new word for an old problem, and without a very different set of policies to rein it in, it is a problem that is likely to persist.

Michael Pettis

Commentary

The Chinese Investment Riddle: What Cities Reveal

While China's investment story seems contradictory from the outside, the real answers to Beijing's high-quality growth ambitions are hiding in plain sight across the nation's cities.

Yuhan Zhang

Commentary

Using China’s Central Government Balance Sheet to “Clean up” Local Government Debt Is a Bad Idea

China's stimulus addiction cannot go on forever. Beijing still has policy space to clean up the country's massive debt issue, but time is running short.

Michael Pettis