The Economic Consequences of the Vietnam War

By Anthony S. Campagna | Go to book overview

NOTES
1.
The year 1966 was also seen as a turning point for the U.S. economy by Samuel Bowles , David M. Gordon, and Thomas E. Weisskopf in Beyond the Waste Land ( New York: Anchor/Doubleday, 1983) and in my U.S. National Economic Policy, 1917-1985 ( New York: Praeger, 1987).
2.
In the words of the Council of Economic Advisors, "A major economic accomplishment of 1966 is that the United States made essentially full use of its productive capacity. Gone were the chronic underutilization of resources, general excess supply in labor markets, and wastefully idle industrial capacity that had blemished the performance of the economy for a decade". Economic Report of the President, 1967, 42; later on page 74, "The year 1965 marked the end of a long period of price stability."
3.
U.S. Congress, Joint Economic Committee, Wharton Econometric Forecasting Associates, "A Study in Counter-Cyclical Policy", in Economic Stabilization Policies: the Historical Record, 1962-76, 95th Congress, 2d Session, November 1978, 96. For the view that Vietnam War expenditures cannot be blamed for the inflation beyond 1967, see John F. Walker and Harold G. Vatter, "The Princess and the Pea; or, The Alleged Vietnam War Origins of the Current Inflation", in the Journal of Economic Issues 16 ( June 1982): 597-608. For a contrary view see the comment to this article in the same journal by Charles B. Garrison and Anne Mayhew, "The Alleged Vietnam War Origins of the Current Inflation: A Comment", Journal of Economic Issues 17 ( March 1983): 175-86; and the immediately following reply by Walker and Vatter, "Demonstrating the Undemonstrable: A Reply to Garrison and Mayhew,"186-96. See also the unpublished paper of Tom Riddell , "The Vietnam War and Inflation Revisited" presented at the Fifth Annual Presidential Conference Lyndon Baines Johnson: A Texan in Washington at Hofstra University, Hempstead, New York on April 10, 1986.
4.
This is primarily the work of Otto Eckstein. See his Core Inflation (Englewood Cliffs, NJ.: Prentice-Hall, 1981).
6.
For an excellent guide to inflation see, Robert M. Solow, "The Intelligent Citizen's Guide to Inflation", The Public Interest 38 (Winter 1975): 30-66.
7.
John Sheahan, The Wage-Price Guideposts ( Washington, D.C.: Brookings Institution, 1967), 90.
8.
Economic Report of the President, 1967, 81.
9.
See Okun, The Political Economy of Prosperity ( New York:W. W. Norton, 1970), 76-78.
10.
For a detailed history and development of the war on poverty see Sar A. Levitan, The Great Society's Poor Law: A New Approach to Poverty ( Baltimore: Johns Hopkins Press, 1969). An analysis of the success of poverty programs can be found in, Robert D. Plotnick and Felicity Skidmore, Progress Against Poverty: A Review of the 1964-1974 Decade ( New York: Academic Press, 1975).
11.
For an excellent review of poverty in the United States see Isabel V. Sawhill, "Poverty in the U.S.: Why is it So Persistent?" Journal of Economic Literature 26 ( September 1988): 1073-19.
12.
Quoted by Doris Kearns, Lyndon Johnson and the American Dream ( New York: Harper & Row, 1976), 259-60.

-76-

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The Economic Consequences of the Vietnam War
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables ix
  • Preface xi
  • I - Early Involvement in Southeast Asia 1
  • 1 - The Initial Years the Eisenhower and Kennedy Administrations 3
  • 2 - The Economy Prior to Full-Scale War 13
  • Notes 22
  • II - The War Years: the Economic Record 27
  • Notes 48
  • 4 - The Changing Economic Structure, 1966 51
  • Notes 76
  • 5 - Nixon's War, 1969-73 79
  • Notes 90
  • III - The Economic and Societal Consequences of the Vietnam War: a Final Accounting 93
  • Notes 109
  • 7 - The Post-Vietnam Society 113
  • Notes 135
  • 8 - Summary and Conclusions 139
  • Notes 151
  • Select Bibliography 153
  • Index 157
  • About the Author 161
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