Capitalist Development in the Twentieth Century

An Evolutionary-Keynesian Analysis

Häftad, Engelska, 2007

Av John Cornwall, Wendy Cornwall, Nova Scotia) Cornwall, John (Dalhousie University, Nova Scotia) Cornwall, Wendy (Mount St Vincent University, Halifax, Phyllis Deane

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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.

Produktinformation

Utgivningsdatum2007-07-02
Mått155 x 234 x 35 mm
Vikt911 g
FormatHäftad
SpråkEngelska
SerieModern Cambridge Economics Series
Antal sidor304
FörlagCambridge University Press
ISBN9780521349420

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List of figures; List of tables; Foreword David Colander; Preface; Part I. Framework: 1. Economic development and economic performance; 2. The stylized facts; 3. The neoclassical analysis of unemployment; 4. An extended Keynesian model; 5. Institutions and power; 6. Evolutionary and hysteretic processes; 7. Theories of capitalist development; Part II. Explaining the Development Record: 8. Understanding the Great Depression; 9. Foundations of the golden age; 10. The golden age; 11. Unemployment; Part III. Political Control of the Economy: 12. Unemployment and the distribution of power; 13. A neoliberal future?; Bibliography; Index.

'In this well-structured book [the authors] present, in a wonderfully clear style, a framework that 'explains' the stylized facts of macroeconomic development of the industrial nations during the last 100 years. They consider these stylized facts in historical sequence, arguing that the facts trace out a pattern of alternating episodes of poor and superior macroeconomic performance. The framework they use is evolutionary; it is neither completely self-regulating nor knife-edge. The system adapts, but adapts slowly, to events and disturbances. Using their updated, evolutionary model, they explain the past and give us insight into the future. It is a sensible blend of institutional knowledge and analytic understanding. It is insightful, instructive, and will give the reader an excellent sense of what the real issues in macro are.' David Colander, Middlebury College