From Stagnation in the 30s to Slow Growth in the 70s.

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: From Stagnation in the 30s to Slow Growth in the 70s.: Fassung 2

Author:: Steindl, Josef

Scope:: Typoskript, 24 Blätter, mit zahlreichen Anstreichungen und Anmerkungen

Year of publication:: 1989

Source material date:: [vermutlich um 1989]

Note:: Kopie einer Fassung mit kopierten, ursprünglich handschriftlichen Korrekturen und handschriftlichen Anmerkungen und Anstreichungen. Der vorliegende Text wurde in einer minimal geänderten Fassung zweimal publiziert. In den "Economic Papers" fehlt der einleitende Absatz ("Personal Reminiscenes").

Topic:: Growth,cycle and stagnation

JEL Classification:: E32 [Business Fluctuations, Cycles] O11 [Macroeconomic Analyses of Economic Development]

Shelfmark:: S/M.59.6

DOI:: https://doi.org/10.48671/nls.js.AC14446134

12 taxes, the utilisation of capacity was increased and that stimulated private investment which proceeded at very high levels. To this was added the built-in stabilisation of the social security system which to some extent smoothed out fluctuations. In spite of this the fluctuations were still quite marked in U.S. as compared with Europe and quite apparently were connected with the changes in public (especially military) spending which illustrates the importance which this spending had in the promotion of effective demand. A subsidiary factor in the intense investment activity in the earlier period was probably the fact that the corporations had only a small indebtedness after the war, to so that there was a large margin up.the establishment of A conventional debt ratios. The banks in their turn had a wide margin of possible increase in lending. Given sufficient investment opportunities and optimism th is would facilitate strong investment activity. This optimism was indeed there. The belief in consumption as a condition and even as a guarantee of prosperity had become an important element of American capitalism^ an economic religion almost as strong as the traditional protestant ethic. In view of its implications for wage policy this involved also a certain spirit of social consensus - in spite of all the qualifications which you might [here y 'liave "to make?; the contrast to the present era is striking. The buoyancy was also increased by the opening and expansion

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