Keynesian remedies shaped the 1980s economy even as Keynes fell into disrepute.

Evidence

The response of all major Western governments to the October 1987 stock market crash underlined the Keynesian direction of policy. It is something of a historical irony: the remedies advocated by Keynes, wrongly credited with the long boom of the 1950s and 1960s, had a pronounced economic impact in a decade when his thought had fallen into intellectual disrepute, and been displaced in the favours of both policy-makers and academics by the reactionary Utopias of Hayek and Friedman. — Alex Callinicos, Against Postmodernism, 527

Categorization

• CANDY: A crisp ironic fact: the decade that canonized Hayek and Friedman actually ran on Keynesian intervention — good dinner-table material.
• QUESTION: Worth chasing: how exactly did Keynesians, not monetarists, produce the 1980s booms in Britain and Japan? The author asserts but doesn’t fully quantify the causal chain.
• XREF: connects to: The 1980s economic booms relied on Keynesian government stimulus, not deregulation. — Alex Callinicos, Against Postmodernism: A Marxist…, 526; The Reagan-Thatcher era redistributed wealth from poor to rich rather than abandoning Keynesianism — Alex Callinicos, Against Postmodernism: A Marxist…, 601; Keynesian deficit spending continued to drive 1980s global growth — David Harvey, The Condition of Postmodernity: An…, 1040

Broader Connections

• The 1980s economic booms relied on Keynesian government stimulus, not deregulation. #corroborates (0.90) — Alex Callinicos, Against Postmodernism, 526
• Keynesian deficit spending continued to drive 1980s global growth #expands (0.90) — David Harvey, The Condition of Postmodernity, 1040
• The Reagan-Thatcher era redistributed wealth from poor to rich rather than abandoning Keynesianism #expands (0.78) — Alex Callinicos, Against Postmodernism, 601