Phases of Capitalist Development

Fülszöveg

This study is a comparative analysis of the growth performance and cyclical experience of 16 advanced capitalist countries since 1820 (Western Europe, Japan, USA, Canada, and Australia). It illuminates the present economic problems and policy dilemmas of these countries by providing historical and comparative perspectives.
Major changes in growth momentum have occurred since 1820, and Maddison seeks to explain the alternance of growth phases which has affected virtually all the countries in a discernable way. He develops an original interpretation of the process of capitalist development and its fluctuations. He rejects the Kondratieff and Schumpeter rhythmic theories which stress the ineluctable character of long waves, and are basically supply-oriented explanations of past history. He gives the institutional-policy mix a bigger role as a determinant than do most writers. He argues that the process of capitalist development has been disturbed at irregular intervals by major... Tovább

Fülszöveg

This study is a comparative analysis of the growth performance and cyclical experience of 16 advanced capitalist countries since 1820 (Western Europe, Japan, USA, Canada, and Australia). It illuminates the present economic problems and policy dilemmas of these countries by providing historical and comparative perspectives.
Major changes in growth momentum have occurred since 1820, and Maddison seeks to explain the alternance of growth phases which has affected virtually all the countries in a discernable way. He develops an original interpretation of the process of capitalist development and its fluctuations. He rejects the Kondratieff and Schumpeter rhythmic theories which stress the ineluctable character of long waves, and are basically supply-oriented explanations of past history. He gives the institutional-policy mix a bigger role as a determinant than do most writers. He argues that the process of capitalist development has been disturbed at irregular intervals by major "system-shocks", some of which were mainly non-economic in origin (such as two world wars), but all of which have created a need for periodic renewal of the macroeconomic policy armoury and of key institutional arrangements (such as the international payments system). After a postwar golden age when economic performance was well beyond previous attainments, there has been an inadequate policy response to the new system-shocks which emerged after the events of 1971-3. As a result capitalist economies are now performing significantly below their potential.
Maddison stresses the role of technical progress in determining supply potential. He makes a fundamental dichotomy between the growth potential of the lead country and the follower countries, which is normal in development economics, but which has not hitherto figured so prominently in analysis of advanced countries. Here again he argues that a significant turning point in capitalist development has been reached. For almost a century, technological leadership has rested with the USA, but several of the continental European countries have now caught up with that country, so that future technical leadership is likely to be collective.
The book contains a wealth of carefully documented growth statistics designed both to substantiate the analysis and to serve as an aid in comparative and historical work by others. It should appeal to all students of growth and fluctuations, and to those concerned with the present policy dilemmas of advanced capitalist economies. Vissza