Historical Analysis

From What happened in the 1970s? A Macro-Historical Perspective at Historical Analysis:

Minksy states declaratively that ‘the truth of the essential Keynesian proposition— that increased government spending and tax cuts, if carried far enough, will halt a precipitous decline of the economy—was conclusively demonstrated in the recession of 1974-1975.’

The 1970s can be seen, then, not as a failure of Keynesianism, as is commonly believed, but as a great success, perhaps even the greatest to date, particularly if we argue that bringing about recovery in the 1930s is less significant than outright preventing depression in 1975.

A very long post -- an essay, really -- very good, and very well documented.