Distribution and Growth

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Distribution and Growth

Author:: Steindl, Josef

Scope:: Typoskript, 19 Blätter; mit handschrifltichen Anmerkungen und Ergänzungen sowie 1 Notizblatt mit handschriftlichem Text, geheftet.

Year of publication:: ohne Datum

Language:: English

Note:: Notizblatt mit dem Titel "Include in the lecture on distribution".

Topic:: Saving and distribution

JEL Classification:: O11 [Macroeconomic Analyses of Economic Development]

Shelfmark:: S/M.71.4

DOI:: https://doi.org/10.48671/nls.js.AC14446258

Chapter

Document type:: Chapter

Title:: Distribution and Growth.

14 Seeing what an enormous role the take-over movement has played in the past decades especially in Great Britain and U.S. we may guess that it has contributed very much to weaking the link between profits and investment, and thereby causing the (long-term) weakening of investment in most industrial countries (though this has come in Italy earlier than in other countries like Germany where it started around 1970). The enormous change involved in the character of industry may be imagined if we try to compare the interests and attitudes of entrepreneurs a la Boulton and Watt with those of a modern manager juggling with his take-over bids. It is natural now to ask what relation if any the post-war process of concentration has had with the big change which overtook the economy since 1974. First of all, it may be surmised that any effects of distribution (shift to profits) which the concentration might have had was counteracted and offset by the wage drift as described earlier on. It agrees with this that the lead in the growth process passed from investment to consumption in various countries in the later stage of the post-war prosperity era. The break in the trend (in 1974/75) required, in my opinion, other reasons than the concentration process. There was the excess of depreciation over replacement arising from the high growth,

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