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

enormous growth in international trade, due in part to 
the reduction in barriers, which necessited a new 
industrial structure in various countries. But there 
are also other reasons: The saturation of the car markets, 
and changing attitude to the car. 
One is reminded here of theories of long wave based on 
certain technological developments (see C. Freeman) in 
which big industries rise and mature one after another, 
leaving a depression phase in between. (Railway - 
III. I shall now refer to changes in distribution which have 
arisen from the situation in the labour markets. 
In Maturity & Stagnation I tried to construct an ex 
planation of distribution in the long run which is 
roughly based on the following idea: The rate of growth, 
determining the (relative) amount of investment as it 
does limits the rate of profit (Kalecki, v.Neumann). 
This is obvious if all saving comes out of profit, but 
it will still be true if we introduce "workers saving", 
perhaps as a proportion of disposable income, but 
"marginally" always smaller than business saving. In 
the short run the adjustment of profits happens only via 
the degree of utilization; but in the long run there is

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