The Global Economy in the 1990s: A Long-Run Perspective
Paul W. Rhode, Gianni Toniolo
Cambridge University Press, Mar 23, 2006 - Business & Economics
The 1990s were an extraordinary, contradictory, fascinating period of economic development, one evoking numerous historical parallels. But the 1990s are far from being well understood and their meaning for the future remains open to debate. In this volume, world-class economic historians analyze the growth of the world economy, globalization and its implications for domestic and international policy, the sources and sustainability of productivity growth in the USA, the causes of sluggish growth in Europe and Japan, comparisons of the Information Technologies revolution with previous innovation waves, the bubble and burst in asset prices and their impacts on the real economy, the effects of trade and factor mobility on the global distribution of income, and the changes in the welfare state, regulation, and macro-policy making. Leading scholars place the 1990s in a fuller long-run global context, offering insights into what lies ahead for the world economy in the twenty-first century.
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Table 211 The relationship between real GDP and labor productivity
3 Managing the world economy in the
Table 33 cont
Table 34 National regulatory changes affecting FDI 19911999
Table 35 Percentage shares of world exports
Table 36 Net capital flows to developing countries 19892003
a continent in decline?
Table 45 The sources of growth
7 Productivity growth and the
8 The 1920s and the 1990s in
the 1990s in the
10 The 1990s as a postwar decade
11 What is happening to the
Table 111 cont
Table 111 cont
12 The American economic policy
5 Technical change and US economic
acceleration aggregate American asset average Bank beneﬁts boom bull market business cycle capital deepening capital ﬂows Cold War collapse consumption contribution costs crash decade decline deﬂator Depression deregulation developing countries dividend yield dividends economy effect elderly electricity electriﬁcation employment equity premium euro area Europe Europe’s European Union exports ﬁgure ﬁnance ﬁnancial ﬁnd ﬁrms ﬁrst ﬁxed GDP per capita global Gordon growth accounting growth rates income increase industry inﬂation inﬂuence innovations interest rates investment labor market labor productivity labor productivity growth manufacturing measure MFP growth monetary policy multifactor productivity OECD OECD countries output pensions percent percentage points period population postwar quality-adjusted real GDP reduced reﬂected relative rise saving Second World War sector share of GDP signiﬁcant social transfers Source stock market stock prices support ratio trade trend United Kingdom wage welfare