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Format: 1 online resource (304 pages)

Edition: 1st ed.

ISBN: 9780521341493 , 9780511153105

Series Statement: Modern Cambridge Economics Series

Content: Twentieth-century capitalism was marked by alternating bad and good performance. This 2001 book considers 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

Note: Cover -- Half-title -- Title -- Copyright -- Contents -- Figures -- Tables -- Foreword -- Dedication -- Preface -- Part I Framework -- Introduction -- Why stress unemployment? -- Modelling capitalist development -- 1 Economic development and economic performance -- 1 Introduction -- 2 Development or performance? -- 3 Institutions and institutional change -- 4 Some benefits -- 5 What drives the system? -- 6 Selecting components of the economic structure -- 7 Evidence -- 8 Similar development patterns, different performances -- 9 Historical laws and predictions -- 10 What can we learn from studying the long run? -- 11 Looking ahead -- 2 The stylized facts -- 1 The stylized facts -- 1.1 Unemployment and growth patterns -- 1.2 Comparative growth and unemployment performance in the golden age -- 1.3 Unbalanced growth -- 2 Modelling dynamic processes in the absence of structural change -- 2.1 The basic neoclassical growth model -- 2.2 The AK growth model -- 2.3 Some shortcomings -- 3 Modelling unemployment -- 3.1 Attributing unemployment to shocks -- 3.2 Voluntary versus involuntary unemployment -- 3.3 Classical versus Keynesian unemployment -- 4 Measuring unemployment -- 5 Incarceration and the unemployment rate -- 6 Conclusions -- 3 The neoclassical analysis of unemployment -- 1 Introduction -- 2 The neoclassical theory of equilibrium unemployment -- 3 Some simple models -- 4 Full employment rates of unemployment: an evaluation -- 5 High rates of unemployment: an evaluation -- 6 Involuntary but classical unemployment -- 6.1 Can the real wage be reduced? -- 6.2 Is a reduction of the real wage necessary? -- 7 Measurement without theory -- 8 What remains of Phillips curve analysis? -- 9 A variable-coefficient Phillips curve -- 10 Starting over -- 4 An extended Keynesian model -- 1 Introduction , 2 Rapid growth and low unemployment: an extended Keynesian perspective -- 3 Responses to aggregate demand when the capital stock and technology are fixed -- 4 Responses to aggregate demand when the capital stock and technology are variable -- 5 Aggregate demand and the transformation of output -- 6 Aggregate demand, supply elasticities and the redistribution of capital and labour -- 7 The elasticity of supply of inventions and innovations -- 8 Externalities -- 9 Explaining macroeconomic malfunction -- 10 Conclusions -- 5 Institutions and power -- 1 Introduction -- 2 Institutions and organizations -- 3 The impact of institutions -- 4 The cognitive function of institutions -- 5 Legitimizing power and mediating power conflicts -- 6 Efficiency theories of institutions -- 7 An evaluation -- 8 Power and institutions -- 9 The structure of collective bargaining -- 10 Avoiding class warfare -- 11 Institutional features of the golden age -- 12 Institutions and power as determinants of unemployment -- 13 Conclusions -- 6 Evolutionary and hysteretic processes -- 1 Introduction -- 2 Modelling capitalist development: institutions in the short and long run -- 3 The process of interaction -- 3.1 A Keynesian mechanism of institutional change -- 3.2 Feedback effects -- 4 Evolutionary processes: some comparisons -- 5 Hysteretic processes with exogenous origins -- 6 Three routes of institutional change -- 7 Concepts -- 8 Intertemporal analysis -- 9 Application -- 9.1 Interpreting changes in performance -- 9.2 Institutional change and policy -- 10 Conclusions -- 7 Theories of capitalist development -- 1 Introduction: the political economy tradition -- 2 The long cycle school -- 3 Theories with variable institutional structures -- 3.1 'Old' institutional economics -- 3.2 The régulation school -- 3.3 The social structure of accumulation theory , 4 Evolutionary models: 'mature' Schumpeter -- 5 Concluding remarks -- Part II Explaining the development record -- Modelling the historical record -- The role of institutions -- The choice of techniques -- What lies ahead? -- 8 Understanding the Great Depression -- 1 Introduction -- 2 A non-linear dynamic model -- 3 The ceilings -- 3.1 The ceiling in the capital goods industry -- 3.2 The monetary ceiling -- 4 The relationship between cycle phases -- 5 The absence of ceilings in the 1920s -- 6 Why were the ceilings absent in the 1920s? -- 7 The Great Depression -- 8 Theories of the Great Depression -- 9 Did monetary or non-monetary forces dominate? -- 9.1 The forces initiating the downturn -- 9.2 Forces magnifying the decline -- 9.3 Could correct monetary policy have saved the day? -- 10 Technology as the source of structural change -- 11 Conclusions -- Appendix -- The post-war recessions -- The relationship between cycle phases -- 9 Foundations of the golden age -- 1 Introduction -- 2 Setting the scene -- 3 Labour: rising power and changing beliefs -- 3.1 Trends in relative power: an overview -- 3.2 The inter-war period -- 3.3 The war years and reconstruction -- 4 Capital's role in the new order -- 4.1 Capital's special function -- 4.2 The new order -- 5 Government: acceptance of interventionism -- 6 The post-war compromise in outline -- 6.1 Domestic developments: Western Europe, the UK and Japan -- 6.2 The USA and the lack of compromise -- 7 The USA as the new hegemon -- 7.1 US trade and payments policy -- 7.2 The Cold War, the European Recovery Program, and some US concessions -- 7.3 The ERP and European domestic policy -- 7.4 Productivity policy -- 7.5 The new capitalism -- 8 The routes of institutional change -- 9 Avoiding the constraints -- 9.1 Demand-determined growth -- 9.2 Supply constraints -- 9.3 The inflation constraint , 7 Globalization and the role of the hegemon -- 8 Keynes and Kalecki on stability -- 9 Conclusions -- 13 A neoliberal future? -- 1 Introduction -- 2 What can we learn from history? -- 3 What of the future? -- 4 A final statement -- Bibliography -- Index , 9.4 The balance of payments constraint -- 9.5 Political constraints -- 10 Conclusion -- 10 The golden age -- 1 Introduction -- 2 Growth in the golden age: some comparative data -- 3 The sources of growth -- 3.1 Investment -- 3.2 Export growth -- 3.3 Unemployment -- 3.4 Catching up, convergence and the technology gap -- 3.5 Output and employment structure -- 4 A model of structural change and growth -- 4.1 The basic model -- 4.2 The stage of development and productivity growth -- 4.3 The open economy model and deviations from the common growth path -- 5 The sources of growth: the formal model -- 6 The estimation model and the data -- 7 Empirical results -- 8 Accounting for growth in the golden age -- 9 Conclusion -- Appendix: a model of growth and transformation -- 11 Unemployment -- 1 Introduction -- 2 Evidence of decline -- 3 Inflation and the policy response: the record -- 4 Mainstream views -- 5 An institutional explanation -- 6 Success and the perception of unfairness as linkages -- 7 Inflation before the 1990s - a visual summary -- 7.1 The emergence of an inflationary bias -- 7.2 Hysteresis in the unemployment rate -- 8 Why was the inflation fight so long and costly? -- 9 Unemployment and inflation in the 1990s -- 10 The routes of institutional change -- 11 Concluding remarks -- Part III Political control of the economy -- 12 Unemployment and the distribution of power -- 1 Introduction -- 2 The trend in the relative power of labour and some of its impacts -- 3 A rudimentary theory of power -- 4 Power, social bargains and positive feedback -- 4.1 Power and the establishment of social bargains -- 4.2 Rejection of the US model -- 4.3 Positive feedbacks -- 5 Power shifts, neoliberalism and some positive feedbacks -- 5.1 Establishing neoliberalism -- 5.2 Acceptance and reinforcement of the US model -- 6 Globalization and additional positive feedbacks

Additional Edition: Print version Cornwall, John Capitalist Development in the Twentieth Century Cambridge : Cambridge University Press,c2001 ISBN 9780521341493

Language: English

Keywords: Electronic books

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