Full text: Stagnation theory in the light of recent history. (Fassung 1)

labour became more important, therefore greater (longer) 
retention of skilled labour by concerns, involving 
larger fixed cost. The dual labour market became more 
With this and with a social policy the keeping of 
redundant labour in face of declining demand became 
more important. 
As to industrial policy, the concentration no doubt 
increased further, encouraged now (in Europa, at least) 
by government policy in view of international competitive 
ness. Thus the competition of oligopolies shifted to 
the international scene, where large concerns are 
identified with nations. At the same time it has become , 
to a very large extent, technological competition. In 
so far as concerns (in spite of their international 
activities) are still identified with their national 
basis, it is also a national competition, in which the 
national policies of governments (protection, subsidies) 
are involved (technological competitions between the 
U.S. and Japan and Western Europe). Finally, it appears 
that in our age the problem of structural adjustment 
- the (relative) decline of certain industries and great 
overcapacity in the steel, cars, plastics, textiles, 
has been very prominent. This may be partly due to the

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