Growth and Stagnation

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Growth and Stagnation

Author:: Steindl, Josef

Scope:: 2 Notizblätter (A5) und ein Typoskript aus 13 Blättern mit handschriftlichen Anmerkungen.

Year of publication:: ohne Datum

Language:: English

Description:: In this paper Steindl analyses his own approach to the underconsumption problem and the transition from a competitive to an oligopolistic economy - based on his elaborations in "Small and Big Business".

Note:: Seite 1 des Typoskripts ist mit dem handschriftlichen Zusatz "Budapest" versehen. - Entstanden nach 1977.

Related work:: Steindl, Josef: Small and Big Business. Economic Problems of the Size of Firms. Oxford: Blackwell, 1945

Topic:: Firm and market structure

JEL Classification:: D43 [Market Structure, Pricing, and Design: Oligopoly and Other Forms of Market Imperfection] E25 [Aggregate Factor Income Distribution] E23 [Macroeconomics: Production]

Shelfmark:: S/M.62.2

Access:: Free access

This was partly due to institutional 7 saving(pension funds) partly to high incomes of the middle class, increased markedly over a long period./As has been argued above this tends to depress profits, and this effect is at least partly offset by government deficits: The saving of the rentiers finds its counterpart in the government budget deficit.The budget has to absorb what business does not wish to borrow. This is the enforced indebtedness ■> discussed further above. The weight of the rentiers interest in the councils of governments has generally been high and some governments have pampered them with subsidies (promotion of savings) and inadequately taxed them. These interests have been at the head of the reaction against inflation and against full employment. Thpey are allied to the banks*These interests triumphed in the 1980s with the victory of monetarism which brought about the high interest rates which weighed heavily on the debtors including governments of the developped countries whose rangejof action with regard to employment policies was thus severely curtailed. Another feature of the post-war period was internationalisation of trade, capital movements, enterprise. The liberalisation of trade introduced a new force of competition, also because it increased the speed of diffusion of technical progres^This alone makes it difficult to believe that concentration of businees-which no doubt happendd~ had increased the profit margins at normal rates of utilisation In a sense the liberalisation was linked to the hegemony of the U.S. which assured economic cooperation in the western world. It involved the dollar as the basis of the

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