TITLE

The Economic Aging of America

AUTHOR(S)
Kindleberger, Charles P.
PUB. DATE
January 1980
SOURCE
Challenge (05775132);Jan/Feb80, Vol. 22 Issue 6, p48
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The malaise spoken of by U.S. President Jimmy Carter seems to be widely if tacitly acknowledged. The times are recognized not to be buoyant, and most try to ascribe the cause to others to the Organization of Petroleum Exporting Countries (OPEC), or the intransigence of the Russians or Israelis, to the oil companies, James Schlesinger, trade unions, Congress, the President's lack of leadership, the public utilities with their insistence on nuclear energy, the environmentalists, or other one-issue voters. The economy of the United States is getting old. Inflation, for example, is the result not of monetary policy's creating too much money, but of the aging process. United States' balance of payments and OPEC. OPEC raised the price of oil, and this is held to be the cause of the U.S. deficit on current account in the balance of payments. But it takes just one not to tango, and some other countries importing proportionately more of their fuel than Americans do notably Germany and Japan do not have deficits. They adjusted to the price rise by selling more and consuming less.
ACCESSION #
6115742

 

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