"I don't believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop." - F.A. Hayek 1984
What happened in 1971? One of the largest booms in population entered the workforce. Large infrastructure projects and long term investments began paying off after the destruction of some of the most industrialized countries in the world. The entering of Japan and South Korea as major industrial figures. The rise of people whose skills, background, and education were in business not in a business. The rise of a new stage of industrialization as the industrial engineering concepts that were used in WWII and then rejected by American businesses, began showing their use after adoption in Japan. The new deal became old and those who opposed it began succeeding at their attempts to start gutting it. American anti communist propaganda became effective enough that concessions to workers in exchange for not overthrowing capitalism stopped being seen as crucial.
What happened in 1971? Not much, but 25 years earlier rebuilding began after the decimation of two/three continents and a generation and large swaths of the world began self governance. 40 years prior America began controversial programs to ensure the common person got their share, but such programs became seen as unnecessary by those who never needed them.
Also tying food consumption is wild. Potatoes are still dirt cheap. Beef has lost popularity since the 70s in part because heart health consciousness has grown.
But this motherfucker probably wants you to blame us ditching the gold standard
What happened in 1971? One of the largest booms in population entered the workforce. Large infrastructure projects and long term investments began paying off after the destruction of some of the most industrialized countries in the world. The entering of Japan and South Korea as major industrial figures. The rise of people whose skills, background, and education were in business not in a business. The rise of a new stage of industrialization as the industrial engineering concepts that were used in WWII and then rejected by American businesses, began showing their use after adoption in Japan. The new deal became old and those who opposed it began succeeding at their attempts to start gutting it. American anti communist propaganda became effective enough that concessions to workers in exchange for not overthrowing capitalism stopped being seen as crucial.
What happened in 1971? Not much, but 25 years earlier rebuilding began after the decimation of two/three continents and a generation and large swaths of the world began self governance. 40 years prior America began controversial programs to ensure the common person got their share, but such programs became seen as unnecessary by those who never needed them.
Also tying food consumption is wild. Potatoes are still dirt cheap. Beef has lost popularity since the 70s in part because heart health consciousness has grown.
But this motherfucker probably wants you to blame us ditching the gold standard