Reaganomics: Turbulent Takeoff

A supply-side test, a financial shake-up and merger mania

For economists and financiers, corporate chiefs and small businessmen, high-rolling investors and penny-watching savers, 1981 has been a year of turbulence and profound change. A new Administration pushed through Congress a radical policy that abruptly discarded doctrines that have dominated economic thinking since the Great Depression of the 1930s. Americans dramatically changed the way they save their money. Corporations went on an unprecedented binge of billion-dollar mergers. And although business in general was anemic, dynamic young companies parlayed technological innovations into products that promise...

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