Capitalist Development in the Twentieth Century: An Evolutionary-Keynesian Analysis

by John Cornwall , Wendy Cornwall

• ISBN13: 9780521341493
• ISBN10: 0521341493
• Format: Hardcover
• Copyright: 2001-08-20
• Publisher: Cambridge University Press
• More Book Details

Summary

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. 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 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 innovative and original approach will be essential reading for macroeconomists and economic historians.

Table of Contents

List of figures	vi
List of tables	vii
Foreword	ix
David Colander
Preface	xiii
Part I Framework
Economic development and economic performance	7	(13)
The stylized facts	20	(17)
The neoclassical analysis of unemployment	37	(17)
An extended Keynesian model	54	(13)
Institutions and power	67	(27)
Evolutionary and hysteretic processes	94	(18)
Theories of capitalist development	112	(20)
Part II Explaining the development record
Understanding the Great Depression	132	(24)
Foundations of the golden age	156	(30)
The golden age	186	(29)
Unemployment	215	(29)
Part III Political control of the economy
Unemployment and the distribution of power	244	(17)
A neoliberal future?	261	(9)
Bibliography	270	(12)
Index	282