Capitalist Development in the Twentieth Century: An Evolutionary-Keynesian Analysis (Modern Cambridge Economics Series)

Capitalism in the twentieth century has been marked by periods of persistent bad performance alternating with episodes of good performance. Cornwall and Cornwall draw upon Schumpterian, Institutional and Keynesian economics to investigate how far these swings 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. Capitalism In The Twentieth Century Has Been Marked By Periods Of Persistent Bad Performance Alternating With Episodes Of Good Performance. Much Current Economic Research Ignores This Phenomenon; Other Work Concentrates Almost Exclusively On Developing Technology As Its Cause. Cornwall And Cornwall Draw 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 Hundred 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 Approach Will Be Essential Reading For Macroeconomists And Economic Historians.--jacket. Foreword / David Colander -- Pt. 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 -- Pt. Ii. Explaining The Development Record. 8. Understanding The Great Depression. 9. Foundations Of The Golden Age. 10. The Golden Age. 11. Unemployment -- Pt. Iii. Political Control Of The Economy. 12. Unemployment And The Distribution Of Power. 13. A Neoliberal Future? John Cornwall And Wendy Cornwall. Includes Bibliographical References (p. 270-281) And Index. 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. Twentieth-century capitalism is marked by alternating bad and good performance. The authors consider the macroeconomic record of the developed capitalist economies over the past 100 years (including rates of growth, inflation, unemployment) and the interaction of economic variables with changing structural features of the economy during industrialization and transformation This book examines macroeconomic development of the industrial nations during the past 100 years.