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Economic Growth in the West

Comparative Experience in Europe and North America

By Angus Maddison

Routledge – 2005 – 246 pages

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Description

Hailed a "an outstanding contribution to our knowledge of the way in which western economies work" [Times Literary Supplement], this penetrating study of economic growth compares and analyzes tic rates of economic advance in the twelve leading countries that comprise the industrial West. Mr. Maddison examines why, after relative stagnation for several decades, the rate of economic development accelerated in continental Europe in the 1950’s, whether this represented a new economic pattern which could be maintained or was only a passing phase of recovery after World War II. He observes that the economies of North America and the United Kingdom seemed by comparison almost to stand still, and he explores the influence of economic policy on the differing growth rates, and the growth potentials and desirable lines of policy in the industrial West. He then discusses the major powers’ policy problems, whose outcome so closely affects the developing nations.

Mr. Maddison presents basic statistical series, going back to 1870 in most cases, on gross national products, productivity, population, labor force, employment, working hours, investment and capital-output ratios. He draws upon this rich fund of comparative statistics with skill and insight, relating it throughout to the broad questions of economic policy which are at issue. This classic book was first published in 1964.

Contents

INTRODUCTION 15

I THE RECORD OF WESTERN GROWTH 25

The Growth of Output

Movement in Population and Output per Head

Labor Supply

Total Labor Input

Productivity Growth

Comparative Levels of Productivity

II THE REASONS FOR ACCELERATED GROWTH 43

The Impact of Demand

Demand, Profits and Profit Factors on the Supply Side

Recovery Elements

Disguised Unemployment

The American-European Productivity Gap

Structural Changes in Expenditure and Output

The Effect of European Integration

The Role of Investment.

III INVESTMENT AND GROWTH 76

The Pattern of Investment

The Measurement of Investment

General Influences Affecting the Productivity of Investment

Capacity Use

Replacement

Capital Widening and Deepening

The Nature of Technical Progress

The Quality of Management and the Capacity to Absorb Investment

Conclusions

IV THE ROLE OF GOVERNMENT IN PROMOTING GROWTH 99

The Aims of Policy

Managing the Level of Demand

Public Spending

The Management of Private Demand

Conclusions on the Management of Demand

Maintaining Competitiveness

Conclusions on the Control of Prices

Fostering the Growth of Output Potential

Education and Research

Incentives to Corporate Investment

Tax Inducements to Personal Savings

Government Influence on the Pattern of Private Investment

Government Saving and Investment

Other Measures Affecting the Allocation of Resources

Planning

The Process of Policy Formulation

Conclusions

V THE INTERNATIONAL ENVIRONMENT 158

The Structure of the World Economy

The Nature of the Interdependence of Industrial Countries

Trade, Trade Policy and Economic Growth

Capital Movements as a Stabilizing and Destabilizing Force

International Liquidity and Payments Arrangements

Payments Problems

Policy Weapons for External Equilibrium

Conclusions

APPENDICES 194

INDEX 243

Related Subjects

  1. Economic History

Name: Economic Growth in the West: Comparative Experience in Europe and North America (Paperback)Routledge 
Description: By Angus Maddison. Hailed a "an outstanding contribution to our knowledge of the way in which western economies work" [Times Literary Supplement], this penetrating study of economic growth compares and analyzes tic rates of economic advance in the twelve leading...
Categories: Economic History