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 Endowment for International Peace

Commentary
Carnegie Politika
Stalled at the Front, Russia Seeks to Undermine Ukraine’s Economic Capacity
Russian strikes are weakening the economy sustaining Ukraine’s war effort. Closing the growing funding gap will require more European support and politically contentious reforms in Kyiv.
Balázs Jarábik
Article
Sri Lanka’s Economic and Geopolitical Balancing Act
Economic recovery has brought Sri Lanka a modicum of stability, but domestic strains and great-power rivalry could test how long it lasts.
Avinash Paliwal
Paper
The Debt Toll Booth: A Modular Solution to Addressing Sovereign Debt Crises
Policy proposals on sovereign debt must both match the scale of the challenge and be implementable within existing political constraints.
David McNair
Commentary
Carnegie Politika
Who Is Funding Russia’s War in the 2027 Budget?
For every ruble allocated to social policy, health, and education in 2027, double that amount is earmarked for the army, the police, and the security services.
Alexandra Prokopenko
Commentary
Strategic Europe
Taking the Pulse: Can the EU Stare Down China on Trade?
The European Commissioner for Trade is headed to China. But after President Xi’s bridge-building visit to Washington, can a more isolated EU overcome Beijing’s stranglehold on critical raw materials? Who will blink first?
Rym Momtaz, ed.

More Work from Carnegie Endowment for International Peace

Commentary

Carnegie Politika

Stalled at the Front, Russia Seeks to Undermine Ukraine’s Economic Capacity

Russian strikes are weakening the economy sustaining Ukraine’s war effort. Closing the growing funding gap will require more European support and politically contentious reforms in Kyiv.

Balázs Jarábik

Crowds and businesses on the streets of Colombo, Sri Lanka

Article

Sri Lanka’s Economic and Geopolitical Balancing Act

Economic recovery has brought Sri Lanka a modicum of stability, but domestic strains and great-power rivalry could test how long it lasts.

Avinash Paliwal

A view of a bus shelter at 18th and K St's NW where a poster and electronic billboard displays the current U.S. National debt per person and as a nation at 40 Trillion dollars on August 30, 2026 in Washington, DC.

Paper

The Debt Toll Booth: A Modular Solution to Addressing Sovereign Debt Crises

Policy proposals on sovereign debt must both match the scale of the challenge and be implementable within existing political constraints.

David McNair

Commentary

Carnegie Politika

Who Is Funding Russia’s War in the 2027 Budget?

For every ruble allocated to social policy, health, and education in 2027, double that amount is earmarked for the army, the police, and the security services.

Alexandra Prokopenko

Commentary

Strategic Europe

Taking the Pulse: Can the EU Stare Down China on Trade?

The European Commissioner for Trade is headed to China. But after President Xi’s bridge-building visit to Washington, can a more isolated EU overcome Beijing’s stranglehold on critical raw materials? Who will blink first?

Rym Momtaz, ed.