Fiscal And Monetary Policy; Effects On Business
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...enjoyed the longest period of economic expansion in history throughout most of the decade of the 1990s. A few voices were musing that perhaps the business cycle was dead, that the old law of boom-and-bust was no longer valid. Most of those voices should have known better Economist Paul Samuelson said the same thing in 1969; by 1973 the United States was in deep recession that spread throughout the developed world in response to the international oil crisis of 1973-1974.
Reasonable people knew that a correction would be forthcoming, and the US economy was showing signs that such a correction was on the horizon. Some believed that...
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