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Nixon's economy : booms, busts, dollars, and votes / Allen J. Matusow.

By: Matusow, Allen J.
Material type: TextTextPublisher: Lawrence, Kan. : University Press of Kansas, c1998Description: xii, 323 p. ; 24 cm.ISBN: 0700608885 (alk. paper); 9780700608881 (alk. paper).Subject(s): Nixon, Richard M. (Richard Milhous), 1913-1994 | United States -- Economic policy -- 1961-1971 | United States -- Economic policy -- 1971-1981Additional physical formats: Online version:: Nixon's economy.DDC classification: 338.973/009/047 Other classification: 15.85
Contents:
Nixon and the Fed -- The fiscal ironies of 1969 -- Election year 1970 -- The decline and fall of gradualism -- Trade, politics, and the new mercantilism -- Camp David -- Election year 1972 -- The great inflation -- Oil shock -- The great recession.
Summary: Though Richard Nixon came to office preoccupied with foreign policy, he soon had to grapple with an economy that threatened him with political defeat. Following the advice of Milton Friedman, the president placed his initial hopes for good times in the economics of caution. But when the economy dipped into recession and cost the Republicans victory in the congressional election of 1970, Nixon turned for rescue not to his economists but to a politician, the former Democratic governor of Texas, John Connally, who became secretary of the treasury midway through the first term.Summary: Historian Allen J. Matusow now presents the first comprehensive history of Nixon's political economy. He depicts a president who disliked the subject but was forced to pay attention or lose his dream of effecting a historic realignment of the political parties in America. The study derives its authority from extensive archival research in Nixon's presidential papers, including notes by Haldeman and Ehrlichman of crucial conversations in the Oval Office. Matusow shows the poverty of contemporary economic theory, Nixon's willingness to sacrifice the world economy for his domestic political purposes, and his desperate attempts to find something, anything, that might work.Summary: Lurching from one set of policies to another, Matusow argues, Nixon achieved only illusory successes that ultimately brought on a decade of economic disaster.
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Item type Current location Call number Status Date due Barcode
Book University of Texas At Tyler
Stacks - 3rd Floor
HC106.6 .M383 1998 (Browse shelf) Available 0000001310457

Includes bibliographical references and index.

Nixon and the Fed -- The fiscal ironies of 1969 -- Election year 1970 -- The decline and fall of gradualism -- Trade, politics, and the new mercantilism -- Camp David -- Election year 1972 -- The great inflation -- Oil shock -- The great recession.

Though Richard Nixon came to office preoccupied with foreign policy, he soon had to grapple with an economy that threatened him with political defeat. Following the advice of Milton Friedman, the president placed his initial hopes for good times in the economics of caution. But when the economy dipped into recession and cost the Republicans victory in the congressional election of 1970, Nixon turned for rescue not to his economists but to a politician, the former Democratic governor of Texas, John Connally, who became secretary of the treasury midway through the first term.

Historian Allen J. Matusow now presents the first comprehensive history of Nixon's political economy. He depicts a president who disliked the subject but was forced to pay attention or lose his dream of effecting a historic realignment of the political parties in America. The study derives its authority from extensive archival research in Nixon's presidential papers, including notes by Haldeman and Ehrlichman of crucial conversations in the Oval Office. Matusow shows the poverty of contemporary economic theory, Nixon's willingness to sacrifice the world economy for his domestic political purposes, and his desperate attempts to find something, anything, that might work.

Lurching from one set of policies to another, Matusow argues, Nixon achieved only illusory successes that ultimately brought on a decade of economic disaster.

Reviews provided by Syndetics

Library Journal Review

Matusow (history, Rice Univ.; The Unraveling of America: A History of Liberalism in the 1960's, 1984) offers the first complete history of Nixonomics. Nixon generally ignored fiscal and monetary matters, preferring to devote himself to foreign policy. George Shultz, Treasury secretary, is lauded as Nixon's finest political appointment; but John Connally, the former Texas governor and a "shameless opportunist," became economic czar by subordinating his responsibilities to Nixon's political agenda. The president's attempt to create a new political majority was dashed almost as much by his failed policies and ineffective responses to the great recession and inflation of 1973-75 as by Watergate. Matusow provides lucid accounts of such complicated issues as wage-and-price controls, dollar devaluation, demise of the gold standard, and the emergence of the global economy. Highly recommended for academic and large public libraries.‘Karl Helicher, Upper Merion Twp. Lib., King of Prussia, PA (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.

CHOICE Review

Richard Nixon's presidency represented a turning point in the political economy of the US and the world. Nixon's years encompassed the rise of monetarist macroeconomic policy, the end of Bretton Woods, the advent of blatantly neomercantilist trade practices, the radical wage and price control experiment of 1971, and the OPEC oil crisis of 1973-74. Considered together, which is the right way to understand them, these events had much greater and more lasting impact than Watergate. Given the striking importance of the Nixon era political economy, it is surprising that it is not the subject of more research. Academic scribblers have tended to explore one element or another of the Nixon policy legacy rather than attempting a fuller synthesis. Matusow (history, Rice Univ.) partly fills this gap, drawing on first-person accounts of the policy process, including information from the Nixon presidential papers. This history, with its strong focus on politics and the policy process, will be most useful to readers who are already generally familiar with the economic issues and environment. It can only be hoped that it will stimulate further work on the political economy of the Nixon years. Public, academic, and professional library collections. M. Veseth; University of Puget Sound

Author notes provided by Syndetics

Allen J. Matusow is William Gaines Twyman Professor of History at Rice University

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