ABSTRACT
Capitalism’s finest hour was described in chapters 5 and 6. Never before had so many economies grown so rapidly for such a sustained period. Full employment conditions prevailed for almost a quarter of a century in most of the developed capitalist economies. Partly as a result of FE conditions but also because rapid growth allowed the expansion of the welfare state, a marked reduction of the rates of deprivation and poverty also took place. A future of secular stagnation and reserve armies of the unemployed was far from the minds of the authorities, the public, or the economics profession.
