The Imperious Economy PDF
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THE IMPERIOUS ECONOMY DAVID CALLEO P. M7.5U Y THE IMPERIOUS ECONOMY DAVID O A P L L E The nature and consequences of the gener- ation-long slide in American foreign and — domestic policy from the triumphant Pax Americana of the early sixties to today’s tenuous and uncertain hegemony — are the subjects of this timely and pene- trating book. David Calleo chronicles a sad tale of American self-deception and high- handedness from 1961 onward, as the United States pursued ever more ambitious domestic goals, spent lavishly on defense and war, and paid for its profligacy with inflated prices, stagflation, and industrial A decline. privileged, undisciplined, and overextended America has never been will- ing or able to match its ambitions and bur- dens with real resources. Calleo gives a marvelously lucid exposi- tion of the problems for the 1980s. He lays bare the illusions and self-indulgences that are steadily undermining the Atlantic Alli- ance, making impossible to find mutually it acceptable domestic and foreign goals. He pinpoints the sources of inflation in the contradictory and undisciplined policies of l/’ petty of the oston Pu^iic ...? Library, saleof this material benefits the Library. BOSTON PUBLIC LIBRARY Digitized by the Internet Archive 2016 in https://archive.org/details/imperiouseconomy00davi_0 ECONOMY THE IMPERIOUS * * DAVID CALLEO P. THE IMPERIOUS ECONOMY HARVARD UNIVERSITY PRESS CAMBRIDGE, MASSACHUSETTS, AND LONDON, ENGLAND 1982 J . AHB For Anche una gioia per me, Signora. . . Copyright ® 1982 by the President and Fellows of Harvard College All rights reserved 1. Printed in the United States of America The lines from The Rake's Progress libretto by , W. H. Auden and Chester Kallman, music by Igor Stravinsky, are reprinted by permission of Boosey & Hawkes, Inc., copyright 1949, 1950, 1951, copyright renewed 1976, 1979. Library of Congress Cataloging in Publication Data Calleo, David P., 934— 1 The imperious economy. Bibliography: p. Includes index. United States — Economic policy— 1961- 2. United States — Economic conditions— 1961-1971 3. United States — Economic conditions— 1971- I. Title. HC106.6.C275 338.973 81-20066 ISBN 0-674-44522-8 AACR2 8 Contents Introductio1n.. The Pax Americana and Its Future l 2. ONE 3. 4. THE KENNEDY DILEMMA, 1963-1971 Kennedy’s Grand Design 9 From Boom to Stagflation 25 7. Decline and Fall of the Dollar 45 8. Nixon’s Revolution 62 9. 5. The Revolution in Retrospect 79 TWO THE NIXON SOLUTION, 1971-1980 6. Shocks at Home and Abroad 105 The Nixon-Kissinger World System 1 1 The Carter Cycle 139 Reagan’s Temptation 154 Conclusion. The American Disease and Its Cures 175 Acknowledgments 199 Tables 201 Selected Bibliography 217 Notes 222 Index 259 s ecure from need, the cause of crime, The world shall for the second time Be similar to heaven. F or, so it please, there’s no fantastic lie You cannot make men swallow if you try. W. H. Auden and Chester Kallman, The Rake’s Progress
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