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

14 The usual danger into which an accumulation process would run, thatof creating overcapacity and saturated cfenand was somliow avoided even though we can notice that the intensity of the process weakened; in the U.S. this can be seen from, the declin ing utilisation rates ( from 90 p.c. in the 50s to 80 p.c. in 1969 -73 ). In European countries the weakening of the process could be seen from cruder signs. In Italy it made itself felt very early, in Germanylt was acutely felt in the second half of the 60s. But in spite of all this no major setback, no change in the general climate of confidence occurred until the 70s. This was due to two major elements which were in strong contrast to pre-war circumstances: The labour market and foreign trade. The high ( in Europe: full ) employment increased the bargaining powers of the workers and the unions. The large concerns were very interested in maintaining a stable efficient and satisfied labour force and were therefore willing to share extra profits due to increased productivity with the workers. The workers pressed on with demands whereever they felt that profits had been increasing. Thus the participation i>f the workers in the additional returns due to technological advance or to favorable market conditions was secured. However much the working of oligopolistic. conditions might prevent competition to bring down prices in alignment to the reduced cost of production, the pressure of wages made a shift of income to profits unlikely.

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