During the 1980s the soft-drink industry became much more competitive. A Cuban refugee, Robert C. Groizueta, who arrived in the United States in 1959 with $20, became the head of Coca-Cola. l983, under his leadership Coca-Cola released Gaffein Free Coked and Tab; in 1985 New Cocke and Cherry Coke were released. The unpopularity of New Coke forced the company to bring back the original formula as Coca-Cola Classic. Also in 1985 independent bottlers and Pepsi Cola brought an antitrust suit against Coca-Cola. Both sides enlisted a variety of celebrities in the Cola Wars, including Michael Jackson and Max Headroom, an animated computerized talking head.

Credit Card Economy.

Debt and borrowing were not just limited to the federal government during the 1980s but were also practiced extensively by businesses, financiers, and private individuals. Many Americans financed major purchases — and minor ones as well — with credit cards, which...