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He also promoted trickle-down economics, the economic idea that taxes on businesses and the wealthy in society should be reduced as a means to stimulate business investment in the short term and benefit society at large over the long term. Reagan’s belief in laissez-faire capitalism led him to reduce government intervention, lower taxes, and deregulate markets, leading to an economic revival in the mid-to the late 80s. The 1970’s coined the term “ stagflation,” which was a condition where the economy stagnates despite rampant Inflation.Īlthough starting badly, the 1980s was a time of falling Inflation and an improving misery index. The “misery index” was created as a simple measure of the well-being of the general populous by economist Arthur Okun in the 1960s by simply adding the unemployment rate on top of the inflation rate. Together they set the stage for economic growth on a massive scale.
#Brewer high s annual 1980 Pc#
IBM launched the IBM PC in 1981, which became the dominant computer for professional users, and in 1984 Apple introduced the first commercially successful personal computer to use a graphical user interface and mouse and called it the “Macintosh”. Personal computers experienced explosive growth in the ’80s, ushering in the “Digital Age” and spawning a full-fledged industry. But that all came to an end with the space shuttle Challenger crash on January 28, 1986. The shuttle program progressed smoothly from there, with three more orbiters entering service in 1983–1985. In April 1981, the space shuttle Columbia launched as the first manned American space flight since the joint Apollo-Soyuz test project ended in 1975.
#Brewer high s annual 1980 free#
NAFTA superseded the Free Trade Agreement in 1994, which added Mexico to the free trade zone. In 1989 Canada and the United States agreed to a “Free Trade Agreement” further facilitating trade between the two North American countries by eliminating tariffs. But Japanese cars continued to control a significant portion of the auto market and even began manufacturing vehicles in the U.S. The automakers recovered with the economy by 1983, and in 1985 auto sales in the United States hit a new record. Slow correction of defects led to the widespread perception that imports were of higher quality than American-made vehicles. Customization allowed the Japanese to correct quality defects rapidly, while American assembly lines were more difficult to upgrade. In the 1980s, the Japanese began producing cars on modern, easily customizable assembly lines. Unions began a “Buy American” campaign which helped a little, but Chrysler and American Motors were near bankruptcy. By December 1989, Inflation had decreased drastically to 4.65%, and Unemployment had declined to 5.4%.Īt the beginning of the decade, the American auto industry suffered partially due to the poor economy. Inflation peaked in April 1980 at 14.76% and fell to “only” 6.51% the following April. In January 1980, Inflation was 13.91%, and Unemployment was 6.3%.