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• W1536780235 abstract "********** In the late 1970s, as the Democratic Carter administration confronted intensifying trade-offs between price stability and full employment--and so between dollar stability and growth--the U.S. abandoned the use of incomes policies and adopted macroeconomic restraint as the primary means to currency stabilization. Subsequently, incomes policies--defined as standards for variation in wages and prices--would be decisively discredited as policy instruments. (1) In this paper, I offer a constructivist analysis of the evolving debates which drove this transformation, emphasizing the interplay of domestic shifts and foreign pressures stemming from German Social Democratic Chancellor Helmut Schmidt in particular. (2) In the process, I counter views of incomes policies as inherently flawed, suggesting instead that what everybody knows about prospects for private wage and price restraint on behalf of the public good can have a self-reinforcing effect on the viability of incomes policies. In other words, how agents think about economic policy can affect how policies work. From this vantage, over the early post-World War II period, collective trust in possibilities for the exercise of private wage and price restraint on behalf of the public good enhanced the effectiveness of incomes policies. In contrast, by the late 1970s, collective skepticism in prospects for private wage and price restraint assumed the force of a self-fulfilling prophecy, as the social fact that everybody knew that incomes policies did not work undermined support for their use. ... Restraint was left the sole means to wage, price, and currency stability. Following an explicit overview of a revised constructivist framework--one stressing in particular the interplay of mass and elite discourses--I trace over three sections the their influence on late-1970s U.S. macroeconomic policies. In a first section, I address the domestic context of early Carter-era policies, characterized by a halting movement toward incomes policies that culminated in an ultimately failed October attempt at defining wage guidelines. In a second section, I pull back to examine the systemic context of U.S.-German interactions across the London and Bonn economic summits, as the Carter administration shifted to a phase of support for gradual austerity in November 1978. In a third section, I describe the social forces that compelled a shift of U.S. policy toward support for unqualified fiscal and monetary austerity. It should be stressed that the fact that the dollar was losing value over these periods did not in itself compel a U.S. tightening. Instead, incomes policies might have served as ongoing means to bolster the dollar. However, the socially-governed collapse of trust in government within the U.S. undermined popular support for voluntary wage and price guidelines. In this context, Federal Reserve Chairman Volcker would subsequently employ unqualified monetary restraint as the primary means to stabilization. Schmidt's influence on Volcker was particularly important, as he expressed to the Chairman a marked impatience with U.S. policies prior to the late IMF-World Bank meetings. Writ large, to the extent that incomes policies remained an ongoing possibility over this period, their breakdown cannot be understood in abstraction from an evolving social context. Theoretical Overview: The Social Construction of Macroeconomic Interests In explaining the breakdown of incomes policies, a variety of materialist approaches emphasize either their basic economic inefficiencies or the gradual erosion of their postwar coalitional, institutional and/or ideational bases of support. However, such explanations are inadequate to the extent that economic structures can vary and as policy incentives must always be interpreted in terms of some intersubjective framework. Consider first economists' criticisms of incomes policies as impediments to efficiency that at best suppress inflation and at worst undermine growth and price stability. …" @default.
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• W1536780235 date "2008-09-22" @default.
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• W1536780235 title "“Please Better Shut Their Mouths”: German Influence on US Macroeconomic Policy under the Carter Administration" @default.
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