Power structure research in America and the promise of democracy

Abstract

Reaganomics in theory and practice : its ups and downs. Reaganomics was based on the assumption that tax cats could spur individual initiative and promote economic growth, whereas increased military expenditures could enhance the US's world stature. In spite of its promise, Reaganomics finally engineered an economic recovery with huge budget deficits and high private consumption leading to record deficits of the balances of trade and payments.