Americas: Finding our rhythm

Author: | Published: 20 May 2016

In previous decades, economic policymakers were either coxswains or rowers. In the case of the former, they'd sit at the back, keeping an eye on where the team is heading. The latter simply row with strength.

The rowers – pro-government – wanted strong growth and full employment. The coxswains? They demurred. These pro-market thinkers foresaw how inflation follows government intervention and, just in time, the 1970s proved them right.

By the 1990s, an agreement had been reached. Rowers would pursue growth, but...