That is where the debate stood around 1980. About that time, however, economic historians began to broaden their focus, shifting from a heavy emphasis on events in the United States during the 1930s to an increased attention to developments around the world.
Before continuing, I would like to note that we are referring here to the outer wrapping of fiscal policythat which serves as the focus of the government’s decision when the budget is being discussed. We have not spoken about content-priorities in expenditure, the government’s social policy, and the composition of tax receipts-and its contribution to the process of economic growth.