The inflation of the 1970’s, came to an end in the early 1980’s, mainly because of two
developments. First, restrictive monetary and fiscal policies led in 1981-82, to a deep
recession, both in the U.S., and in Western Europe. As unemployment rose, inflation
slowed. Second, energy prices dropped, as worldwide oil consump-
tion moderated. In the mid-1980’s, most Western economies recovered from the
recession, but then the stock market crashes of 1987, introduced a new period of
financial instability. Economic growth slowed, and many nations -- in particular the U.S.,
where the national, corporate, and personal debt had reached record levels -- dropped
into recession, with rising unemployment, in the early 1990’s.
The elusive goal for Capitalist nations is to secure, simultaneously, high employment
and stable prices. This is a formidable task, but given the historical flexibility of
Capitalism, the goal, is both reasonable and attainable.
Catechism, a manual of Christian doctrine, drawn up in the form of questions and
answers, especially one for religious instruction. The first such manual, was compiled
by the English scholar, Alcuin, in the 8th century and was followed in the next 100
years, by many others, among them, those of Notker Labeo, monk of the Abbey of Saint
Gall, in Switzerland, and of the German monk, Otfried of Weissenburg, in Alsace. At an
early period in the history of the Reformation, catechisms became important, because of
Martin Luther’s insistence on the religious instruction of children. After Luther published
his primer of religion, A Brief Explanation of the Ten Commandments, the Creed, and
the Lord’s Prayer (1520), several catechisms were prepared by leading Protestant
theologians. Luther’s visitation of the Saxon Churches, in 1528, led to preparation of his
Larger and Smaller Catechisms (1529). The Reformed Churches, also published,
catechisms. The most noteworthy, are the Geneva and Heidelberg catechisms, and
those of the German theologian, Johannes Oecolampadius, in Basel, in 1526, and of
the Swiss reformer, Heinrich Bullinger, in Zurich, in 1555. The Geneva Catechisms,
Larger and Smaller, were the work of the French Protestant theologian, John Calvin.
The Smaller, was published, in French, in 1536; the Larger, appeared, in French, in
1541 or 1542, was translated into various languages, and became an acknowledged