Keynesian deficit spending continued to drive 1980s global growth

Evidence

There are many other signs of continuity rather than rupture with the Fordist era. The massive government deficits in the United States, mainly attributable to defence, have been fundamental to whatever economic growth there has been in world capitalism in the 1 980s, suggesting that Keynesian practices are by no means dead. — David Harvey, The Condition of Postmodernity, 1040

Categorization

• XREF: A key point for the reader’s rival-periodization comparison: Harvey explicitly argues continuity rather than rupture, contesting accounts that date a clean break from Keynesianism around 1973. — connects to: Keynesian remedies shaped the 1980s economy even as Keynes fell into disrepute. — Alex Callinicos, Against Postmodernism: A Marxist…, 527; The 1980s economic booms relied on Keynesian government stimulus, not deregulation. — Alex Callinicos, Against Postmodernism: A Marxist…, 526; The US budget deficit has been stabilizing global capitalism — David Harvey, The Condition of Postmodernity: An…, 1222 (+2 more)

Broader Connections

• The Reagan-Thatcher era redistributed wealth from poor to rich rather than abandoning Keynesianism #corroborates (0.82) — Alex Callinicos, Against Postmodernism, 601
• Global interdependence weakened national economic control and Keynesian policy #complicates (0.78) — Anthony Giddens, The Consequences of Modernity, 188
• The US budget deficit has been stabilizing global capitalism #expands (0.75) — David Harvey, The Condition of Postmodernity, 1222