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This article focuses on the evolutionary dynamics of the world economy after the Second World War to current day by reviewing the subject in evolutionary and holistic terms. In particular, its purpose is to examine the structuring of the current crisis and the prospects for overcoming it by advancing toward a new developmental phase, a new sustainable model of global development. We articulate our approach precisely at the link between the interconnection and the dialectic interdependence of the central structural components of global dynamics. In this direction, we introduce, propose, and utilize a three-sided structural analysis of global dynamics, a triptych. In particular, we claim that the changes in the global system are imprinted and can be studied at three co-located and dialectically interwoven central structural levels: at the level of current international regimes, at the level of central models of development and crisis, and at the level of the dominant types of business innovation. As a whole and on every level, the structural changes define and form in the background the evolutionary dynamics of the world economy, and thus by extension prescribe the conditions for the global system to construct the trajectory to exit from its current crisis.
In this collection authors from eight different countries, representing a wide variety of academic disciplines and theoretical perspectives, investigate the differing phases of capitalist development. They offer diverse and powerful analyses of the postwar boom, economic crises and globalization within this context.
Monographic history and comparison of capitalism in Western Europe, Canada, USA, Australia and Japan, 1820 to 1980 - analyses economic growth and productivity levels of the leaders since 1700 (UK, Netherlands, USA), analyses impact of external stocks (e.g. Petroleum) and economic policies on long term business cycles (rejecting Kondrateiff and Schumpeter's economic theory), role of technological change, labour supply, etc., and considers international monetary system and inflation trends. Statistical tables pp. 158 to 254.
What happened to the so-called "golden age" of the postwar boom? Unprecedented rates of economic growth, profitability, and wage increases during the 1950s and 60s have given way to a global capitalist economy in disarray. Reassessing common interpretations of postwar economic history and geography, this book focuses on the evolution of the global economy from the 1950s to the present. Based on extensive research, the book assesses histories of growth, profitability, and technological change in core industrial economies (Japan and the USA), raw material dependent economies (Australia and Canada), and several newly industrializing countries (Brazil, South Korea, and Taiwan). The authors build on standard models of economic change to incorporate new developments in regional dynamics: they use nonlinear, nonequilibrium, and evolutionary arguments to frame discussions of profit rates, technological change, and interregional capital flows.
This study seeks to understand the rise and fall of the "golden age" of monetarist capitalism enjoyed by Western countries from the end of World War II until the 1960s. Blending historical analysis with economic theory, it questions the basis of present policy-making and provides policy proposals.
This book explains how postwar Japan managed to achieve a highly egalitarian form of capitalism despite meager social spending. Estevez-Abe develops an institutional, rational-choice model to solve this puzzle. She shows how Japan's electoral system generated incentives that led political actors to protect various groups that lost out in market competition. She explains how Japan's postwar welfare state relied upon various alternatives to orthodox social spending programs. The initial postwar success of Japan's political economy has given way to periods of crisis and reform. This book follows this story up to the present day. Estevez-Abe shows how the current electoral system renders obsolete the old form of social protection. She argues that institutionally Japan now resembles Britain and predicts that Japan's welfare system will also come to resemble Britain's. Japan thus faces a more market-oriented society and less equality.
What is capitalism? Is capitalism the same everywhere? Is there an alternative? The word 'capitalism' is one that is heard and used frequently, but what is capitalism really all about, and what does it mean? This Very Short Introduction addresses questions such as 'what is capital?' before discussing the history and development of capitalism through several detailed case studies, ranging from the tulipomania of 17th century Holland, the Great Depression of the 1930s, and in this new edition, the impact of the global financial crisis that started in 2007-8. James Fulcher looks at the different forms that capitalism takes in Britain, Japan, Sweden, and the United States, and explores whether capitalism has escaped the nation-state by going global. It ends by asking whether there is an alternative to capitalism, discussing socialism, communal and cooperative experiments, and the alternatives proposed by environmentalists. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.
This book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many (though not all) government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the logic of advanced capitalism. The forces of competition, which in the early stages of capitalism lead to rapid technical change and productivity growth, promote non-productive and even counterproductive activities in its more advanced stages.