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 1

Author:: Steindl, Josef

Scope:: Typoskript, 21 Blätter, mit zahlreichen Anstreichungen

Year of publication:: 1989

Source material date:: [vermutlich um 1989]

Note:: Kopie einer Fassung mit kopierten ursprünglich handschriftlichen Korrekturen und handschriftlichen Anmerkungen und Anstreichungen (nicht vom Verfasser). 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.77.28

DOI:: https://doi.org/10.48671/nls.js.AC14446493

15 Thus, a certain stability of the share of labour in the income being to some extent assured, the chances of finding markets for the new goods, the television sets ( the washing machines and the cars were good. The philosophy of consumption and high wages worked. ( A less desirable consequence was the great differentiation of wage levels in different sectors of the economy ). The other element which kept profit margins within limits was international compettition. Here again the conditions were completely different from those of pre-war, due to liberalisation and Gatt agreements, the multinationals and the intense technological competition. A further important condition for the continuation of growth was the relative absence of the foreign balance constraint ( if we except Britain where this constraint played a major role ). The scarcity of dollars in the first post-«war period had been taken care of by the Mrshall plan and the loans of the U.S., a direct and indirect supply of dollarsj while within Europe the European payments union helped. No doubt there was still plenty of disturbance but not as much as could reverse the trend of growth. Cooperation in the international field prevailed, because Western democracy felt the obligation of making a good show in comparison with the East. This motivation was very clear in the competitive efforts in the field of education and research.

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