Capitalist Development in the Twentieth Century: An Evolutionary-Keynesian Analysis
Capitalism in the twentieth century was marked by periods of persistent bad performance alternating with episodes of good performance. A lot of economic research ignores this phenomenon; other work concentrates almost exclusively on developing technology as its cause. This 2001 book draws upon Schumpeterian, Institutional and Keynesian economics to investigate how far these swings in performance can be explained as integral to capitalist development. The authors consider the macroeconomic record of the developed capitalist economies over the past 100 years (including rates of growth, inflation and unemployment) as well as the interaction of economic variables with the changing structural features of the economy in the course of industrialization and transformation. This approach allows for changes both in the economic structure and in the economic variables to be generated within the system. This study will be essential reading for macroeconomists and economic historians.
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aggregate demand analysis average boom business cycle business investment capita income capital capital’s capitalist capitalist development capitalist economies causes cent chapter Cold War constraints Cornwall countries decline Depression determine differences downturn economic performance effect endogenous episode equation evolutionary example exogenous expenditures explain export framework full employment goals golden age governments high unemployment historical hysteretic impact increase industrial inflation rates insti involuntary Keynes Keynesian labour market long-run low unemployment macroeconomic performance mainstream mance measures ment modelling economic monetary NAIRU neoclassical neoliberalism nomic OECD economies ofthe outcomes output period Phillips curve ployment political power post-war productivity growth rates rate of unemployment rates of growth rates of inflation real wage reduced relative restrictive policies result rising role shift social bargains sources stability structural change stylized facts tion tional trade tutions unem unemploy unemployment rate United World War II