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THE BDM CORPORATION The coincidence of these developments, some planned and some unplanned, created a drop in total demand, not just defense-related demand. The result was economic overkill which helped bring on a deep recession in 1970 and 1971, the first in 10 years, during which unemployment rose by 75 percent. What is more, inflation got worse, not better. Inflation in 1970 was higher than at any time in the 1960s, as is illustrated in Figure 4-7. Nixon contributed to this continuing inflation by announcing that he would not interfere with the private sector's freedom to raise prices and wages, a policy which fueled increasingly large wage demards. The country was stuck in a cost-push inflationary spiral in which expectations of inflation led to large wage demands which, in turn, led to the price increases necessary for paying increased labor costs while protecting corporate profit margins. The political consequences of the coexistence of inflation and recession (stagflation) were brought home to Nixon by the poor showing of Republican candidates in the 1970 elections. Reacting to this political threat, in late 1970 Nixon came out with Game Plan II (1970-1971), which was designed to stimulate the economy and end the recession. The administration, for example, pressured the Federal Reserve Board to increase the money supply's growth rate by lowering the discount rate. rate fell accordingly. Prime interests The drop in interest rates called fcr by Game Plan II prompted an outflow of capital from the United States and thus seriously damaged the US balance of payments. In addition, in 1971 the US experienced the first of the trade deficits that were to plague it throughout the 1970s. While the 1971 trade deficit totalled only around $2 billion (see Figure 4-8), it marked the final passing of an era in .hich trade surpluses helped finance expensive military and foreign-aid programs. By the summer of 1971 the payments situation had again reached a crisis stage, which led first to the decision to abandon gold convertibility (i.e., the US would no longer honor demands that dollars be exchanged for gold at an official parity) and then, in December to a sharp devaluation of the dollar. With these decisions the last vestiges of the Bretton Woods monetary system were put to rest. 4-24 2 A'x f-LN P
.t THE BDM CORPORATION , 1 PERCENT 7 '-,'' 6 5 '4, •. ¢'" , ""l . . 1958-64 S... . :- * 'W58-64 '65 67 68 a 6 '70 '71 72 73 L I.... AVERAGE DEMOCRATIC REPUBLICAN 4541/78W Figure 4-7. Consumer Price Index (% Change) 4-2b "" - - . - .,.- 4 ;'-
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CORPORATION / ,/ DIEN BIEN PHU HANO
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THE DCORPORATION 791,5 Jones Branch
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THr. BDM CORPORATION PREFACE * A. F
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" HE BDM CORPORATION B. CONTEXT OF
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• - • -,-.-----L_..:...•_ -__
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TýE BDM CORPORATION TABLE OF CONTE
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THE BDM CORPORATION TABLE OF CONTEN
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THE BDM CORPORATION Figure LIST OF
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THE BDM CORPORATION _-I INSIGHTS Su
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THE BDM CORPORATION INSIGHTS Changi
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THE BDM CORPORATION" LESSONS Each m
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ThE BDM CORPORATION INSIGHTS Domest
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THE BDM CORPORATION CHAPTER 1 SUPPO
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_ -4• - "~ ~ _ THE BDM CORPORATIO
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4- -MM-------- THE BDM CORPORATION
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THE BDM CORPORATION k By 1944 76 pe
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THE BDM CORPORATION POLL QUESTION A
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THE BDM CORPORATION .1 the peace ta
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THE BDM CORPORATION war was less pr
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THE BDM CORPORATION losses among US
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THE BDM CORPORATION of college stud
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S__ _ _ _ •. _ _ _ .. THE BDM COR
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THE BDM CORPORATION In this overvie
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THE BDM CORPORATION labor opinion i
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THE BDM CORPORATION to persuasive o
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THE BDM CORPORATION CHAPTER 1 ENDNO
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THE BDM CORPORATION Daily Tribute c
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THE BDM CORPORATION Lipset's number
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THE BDM CORPORATION CHAPTER 2 CHANG
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THE 3DM CORPORATION The allied succ
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THE BDM CORPORATION and south. The
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THE BDM CORPORATION The civil right
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THE BDM CORPORATION f 1966. King st
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THE BDM CORPORATION (3) More import
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THE BDM CORPORATION Before the Viet
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THE BDM CORPORATION sympathizing wi
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THE BDM CORPORATION portion of the
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THE BDM CORPORATION election would
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THE BDM CORPORATION t This action c
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THE BDM CORPORATION the early 1970s
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I Q _IN, THE BDM CORPORATION which
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THE BDM CORPORATION concluded that
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THE BDM CORPORATION term.43/ That a
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THE BDM CORPORATION growth - activi
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THE BDM CORPORATION 444 the Neutral
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THE BDM CORPORATION which followed
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4i THE BDM CORPORATION CHAPTER 2 EN
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THE BDM CORPORATION 8. Ibid. Weber
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THE BDM CORPORATION There is a time
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THE BDM CORPORATION The major demon
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THE BuM CORPORATION 38. Ibid, p. 29
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THE BDM u)RPORATION CHAPTER 3 THE M
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THE BDM CORPORATION corporato qtruc
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THE 8DM CORPORATION become 2. The M
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THE BDMC'CORPORATION individuals an
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THE BDM CORPORATION during the Viet
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THE BDM CORPORATION The administrat
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THE BDM CORPORATION their reporting
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Page 121 and 122: THE BDM CORPORATION In his January
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Page 127 and 128: THE BDM CORPORATION served a consid
Page 129 and 130: 'THE BDM CORPORATION ' Of particula
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Page 133 and 134: THE BDM CORPORATION reports on inci
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Page 139 and 140: THE BDM CORPORATION 114. Ibid., p.
Page 141 and 142: THE BDM CORPORATION 32 The attacks
Page 143 and 144: THE BDM CORPORATION 1 51. Ibid. dat
Page 145 and 146: THE BDM CORPORATION •J 61. In a n
Page 147 and 148: THE BDM CORPORATION CHAPTER 4 US EC
Page 149 and 150: THE BDM CORPORATION B. THE US ECONO
Page 151 and 152: THE BDM CORPORATION RECESSION TROUG
Page 153 and 154: THE BDM CORPORATION S, tf 2. Anti-I
Page 155 and 156: THE BDM CORPORATION "relative meits
Page 157 and 158: THE 8DM CORPORATION continued to de
Page 159 and 160: THE BDM CORPORATION Sbutter. The da
Page 161 and 162: THE BDM CORPORATION year a number o
Page 163 and 164: THE BDM CORPORATION $41.1 billion.
Page 165 and 166: THE BDM CORPORATION 4 U.S. BALANCE
Page 167 and 168: THE BDM CORPORATION i I r abroad an
Page 169: THE BDM CORPORATION E. NIXON ADMINI
Page 173 and 174: THE EDM CORPORATION Meanwhile, the
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Page 177 and 178: THE BDM CORPORATION CHAPTER 4 ENDNO
Page 179 and 180: THE BDM CORPORATION 13. Kennedy was
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Page 183 and 184: I THE 3DM CORPORATION being won and
Page 185 and 186: THE BDM CORPORATION military effort
Page 187 and 188: THE BDM CORPORATION 37. Most of the
Page 189 and 190: THE BDM CORPORATION During the 1950
Page 191 and 192: THE BDM CORPORATION the struggle wi
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Page 195 and 196: THE BDM CORPORATION articulate spok
Page 197 and 198: THE BDM CORPORATION in Southeast As
Page 199 and 200: TH,: BDM CORPORATION criticism by o
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Page 203 and 204: THE BDM CORPORATION political weakn
Page 205 and 206: THE BDM CORPORATION The Cuban Resol
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Page 219 and 220: THE BDM CORPORATION E. SUMMARY ANAL
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THE BDM CORPORATION if they knew bo
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THE BDM CORPORATION F. LESSONS With
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THE BDM CORPORATION S dollars. From
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THE BDM CORPORATION 44. Congress, I
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THE BOM CORPORATION BIBLIOGRAPHY
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THE BDM CORPORATION VOLUME TV BIBLI
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THE BDMV CORPORATION VOLUME IV BIB3
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o-. THE BDM CORPORATIGN Sell, Danie
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THE BDM COHPORATION Gabriel, Richar
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_~- ,_K.. __-- 7- - - A07 EE 57 7 E
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THE BDM CORPORATION NimOo, Dan, Pol
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THE BDM CORPORATION Silberman, Char
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THE BDM CORPORATION White, T. H., T
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THE BDM CORPORATICN' Caine, Major P
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4Z, - I THE BDM CORPORATiON ] Krist
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