Liberal Democracy

In this article the author traces the ineffectiveness of governmental efforts to deal with inflation to American liberal-democratic institutions and social values. He contends that the political economy of liberal democracy is so structured as to give public authority limited room to maneuver and little power to institute an effective anti-inflationary program. Consequently, measures designed to curb inflation have yielded disappointing results. Despite the inherent difficulties, the author sees the possibility of coping with chronic inflation if statesmen were to identify courses of action that would attain the purpose at sustainable political and social costs

Democracy · Economics · Inflation (cosmology · Political economy · Political science · Politics · Economic Theory and Policy · Law · Public Administration