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

Use and reproduction license:: In Copyright

Access:: Free access

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

13 of foreign markets for American products which made it possible for oligopolies to escape the claustrophobic conditions of a restricted home market. The newly aquired habit of the concerns to spread out into the most varied fields of activities also created new opportunities for investment. In Europe the factor of public and military spending was also of great impottance in some countries in expanding demandbut there was, on the continent at least, an additional factor which stimulated private investment directly. Europe had for one or another reason been out of tauch with the technological development in the U.S. and so a backlog of imnovative opportunities had accumulated which after the war became available in one lump, facilitated by Marshall plan and technical assistence. Europe was catching up technologically with the U.S. which means it was going through at unusual speed a technical evolution which had taken a much longer time to develop originally. Productivity growth at that time was about twice as great in Europe as in the U.S. It stands to reason that this involved a very strong stimulus to investment activity. e / On the supply side the barriDrs to an/exceptionally quick growth were removed by the availability of labour from agriculture ( in Germany also displaced persons ). Thus an exceptional speed of development was made possible by drawing on a reserve of know-how and of labour. This process must have been exhausted long before the end of the prosperity phase in the 70s, but in the meantime there had devejpjbped an automatic buoyancy, both in Europe and in U.S.

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