AMS 207 Lecture 10: AMS 207 Notes 4-19
11 May 2017
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From the 1950s to the 1970s (during the height of keynesianism), many cities undertook urban renewal, which meant destroying older neighborhoods, further segregating poor minorities, building public housing and expressways. In nyc, 60,,000 homes were destroyed, 170000 people forcibly relocated. Millions of jobs disappeared during the 1970s as the direct result of private disinvestment or relocation of us businesses (some transferred, not lost for good) The chances that a us manufacturing plant would close in the 1970s was over 30% Automobile workers, for example, who lost jobs in the 70s were found two years later to have jobs that paid 435 less. Between 1978 and 1986, the poorest 20% of us citizens experienced an absolute decline in income. In the 1970s, % of us gdp coming from imports almost doubled, going from 5. 7 to 10. 9%. Productivity growth was almost non-existent in both industrialization and retail sales in the.
