I am still pondering the US economy. John Maynard Keynes is supposed to have said stagflation (i.e., stagnant economic growth, along with high unemployment and high inflation) was impossible.
But I do remember 1973-75, you could go into the grocery and see a pile of price stickers pasted on top of each other on canned goods, cans just sitting there increasing in cost. There was an oil crisis going on, the Mideast oil cartel was raising prices relentlessly, and President Nixon imposed wage/price controls in response to (huge) 4% inflation.
Some websites say they just don't know the causes of stagflation, others give it a shot with ideas like "Stagflation occurs when the government or central banks expand the money supply at the same time they constrain supply." (??? Really ???) Or, "when conflicting expansionary and contractionary policies occur, it can slow growth while creating inflation. That's stagflation."
I have been thinking about stagflation because, as I recall, that pokey 1970's economy is how President Reagan got through his "trickle-down" theories, which (may have) eventually resulted in that Great Recession collapse of 2008. (Reagan's pro-business policies were greatly expanded by President Clinton, this was a bipartisan effort.)
So here is one website I found, do you understand about stagflation? How does it relate to an economic system, and is it a deal-breaker for capitalism? (That is actually what I wish I could figure out.)