The 1980s economic booms relied on Keynesian government stimulus, not deregulation.

Evidence

One of the most important developments in Western political economy during the second half of the 1980s was a certain generaliza­ tion of this model. The British economy enjoyed in 1987-8 its first real boom since the early 1970s. Once again, it was a consequence not of deregulation and laissez faire but of government measures whose effect was to stimulate the economy: in 1986 the Thatcher government formally abandoned its previous attempts to control the money supply and allowed the pound sterling to depreciate against other currencies; the abolition of all controls on credit made possible a rise in personal sector debt from slightly over £100 billion in 1983 to £250 billion in 1987; in addition, Mrs Thatcher’s second and third terms saw a determined shift towards a Reaganite mix of sharp cuts in personal taxation and in social security payments. … Of far greater moment to the world economy, the Japanese government responded to the 1985-6 recession, induced by the rise of the yen against the dollar, by adopting in May 1987 a package of classic Keynesian measures, including a massive programme of public works, designed to make up for lost exports with increased domestic consumption - a policy which allowed Japan, like Britain, to enjoy rapid economic growth in 1987-8. — Alex Callinicos, Against Postmodernism, 526

Categorization

• XREF: Contradicts the free-market narrative of Thatcher/Reagan glory; connects to Marxist critiques of 1980s political economy, and feeds the reader’s counterargument to Jameson’s late-capitalism thesis. — connects to: Keynesian remedies shaped the 1980s economy even as Keynes fell into disrepute. — Alex Callinicos, Against Postmodernism: A Marxist…, 527; Keynesian deficit spending continued to drive 1980s global growth — David Harvey, The Condition of Postmodernity: An…, 1040; The Reagan-Thatcher era redistributed wealth from poor to rich rather than abandoning Keynesianism — Alex Callinicos, Against Postmodernism: A Marxist…, 601

Broader Connections

• Keynesian deficit spending continued to drive 1980s global growth #corroborates (0.92) — David Harvey, The Condition of Postmodernity, 1040
• The Reagan-Thatcher era redistributed wealth from poor to rich rather than abandoning Keynesianism #corroborates (0.85) — Alex Callinicos, Against Postmodernism, 601