A look at the U.S. economy and changes in the US economy from the 1970s to today (2013).
In the 1970s, the US had a system of regulated capitalism where the government played an active role in stabilizing the economy based on lessons from the 1930s Great Depression.
Keynesian economic theory, which advocated for government intervention, was dominant at the time compared to the neoclassical theory.
Macroeconomics, focusing on aggregate demand and output, also became an important field of study influenced by Keynesianism.
During this period from the post-war era to the 1970s, both Democratic and Republican presidents accepted an active economic role for the government.
However, the 1970s saw the beginning of major issues in the US economy from the Marxist perspective of surplus value extraction by capitalists becoming less than the total costs of production for workers.
In summary, this lecture outlines the transition from a post-war system of regulated capitalism and Keynesian ideology to emerging problems in the 1970s US economy that would lead to future changes.
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