Several interesting and interrelated issues about Ronald Reagan’s administration are raised here. This answer addresses one relevant question that should help you complete your assignment. While the 1980s brought numerous changes, the switchover to neoliberal economic policies was notable, not only within the United States, but also for its global reach. These policies were nicknamed Reaganomics.

In the late 1970s, as the United States recovered from a decline in production and influence following the Vietnam War, massive inflation also characterized the Carter Administration. A jumpstart to the economy was deemed necessary. Severe cuts to government spending for social programs were accompanied increased military spending and tax cuts; other incentives to investment and wealth generation were offered by widespread deregulation.

The emphasis on concessions to the wealthy, intended to promote new business and job creation, was justified by the benefits that would allegedly reach those at lower socio-economic levels; this idea was called “trickle down.” With the growth in business, tax revenues increased, inflation dropped, and the stock market soared. The larger question about the extent to which this new wealth trickled down or continued to benefit the well-to-do remains a subject of debate. While new businesses, especially in areas such as telephone service, proliferated, internal agreements on costs led to accusations of price-fixing that did not effectively improve on charges by monopolies.