Part 8/9:
Most notably, many of the economic challenges that arose post-gold standard have roots in policy shifts initiated in the 1980s. Key figures, such as Margaret Thatcher and Ronald Reagan, undertook measures that reduced taxes for high earners, deregulated industries, and diminished the power of labor unions. These policies molded modern capitalism in ways that nurtured asset growth and amplified inequality, far beyond the ramifications of the gold standard's abandonment.
The advent of these new policies, juxtaposed with the mathematical nature of economic data collection, complicates the narrative surrounding the inflection point of 1971. The 'hockey stick' shape observed in growth charts masks the complexity of economic shifts influenced by both policy changes and market forces.