i'm trying to find a good way to explain the u.s. experience of stagflation in the early 70's. from what i can gather, it was in part the effect of nixon's attempts to protect productive capital in '71, when he let the currency float and instituted tarriffs on imports and did the wage and price freeze thing. but the move backfired, because, even though the currency devalued some, (w. germany, i know, let their currency float up with the $), the export-economy didn't do as it was told.
yes? no? sort of?
thanks for your help, in advance