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Consumer borrowing was heavily restricted in 1940s to curb inflation – it's time we did it again

By Sean H Vanatta, Lecturer in US Economic and Social History, University of Glasgow

There has been much talk about a potential inflation surge as countries lift pandemic restrictions and seek to resume normal economic activity. In recent months, US prices have risen more than 5% year-on-year. In the UK, price growth has been slower and was even slightly below expectations for July, but is likely to accelerate again.

This situation closely resembles what happened after…

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