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]

Subject:: Wirtschaftsentwicklung Technischer Fortschritt Vollbeschäftigung Stagnation Effective Nachfrage Industrie Kapazitätsauslastung Wettbewerb

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").

Related work:: Steindl, Josef: From Stagnation in the 30s to Slow Growth in the 70s. In: Steindl, Josef: Economic Papers 1941-88. London: Macmillan, 1990, S. 166-180 Steindl, Josef: From Stagnation in the 30s to Slow Growth in the 70s. In: Berg, Maxine (Hrsg.): Political Economy in the Twentieth Century. New York [u.a.]: Allan, 1990, S. 97-115

Topic:: Growth,cycle and stagnation

JEL Classification:: E32 [Business Fluctuations, Cycles] O11 [Macroeconomic Analyses of Economic Development]

Shelfmark:: S/M.77.28

Access:: Free access

18 easily think of examples in Britain or Germany ) derive a great part of th-eir profits from financial and real estate business.Financial investment has played an increasing role in comparison with real investment. More recently the monetarist policy of Britain and the U.S. Has reinforced the tendency of industrial firms to Convert themselves into rentiers and speculators. These structural changes in the organisation of business are capable of explainign a weakening of the incentive ü to invest. Maturity, in this perspective, has taken on far as it has taken hold of the internal organisation of the concerns and the character and strategy of their managers. While the dege neration described has been proceeding gradually through the years, the change in economic climate which took place within a few years has been precipitated by a number of events. The most important has been the breakdown of econcomic international cooperation. The first clear signal of this occured when the U.S. went off gold, and two years later the exchange rates were given free rein. This created expectation or fear of inflation and led to violent speculation in gold and commodities ( Kaldor ). This culminated finally in the first oil shock. To a very large extent the world inflation was the consequence of this disarray. The exchange rates have been chaotic since, dominatecjby capital movements rather than price or cost relations. The fact that there was in all those years not a single

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