First published in 1984, Michael Beenstock develops in The World Economy in Transition an original, stimulating and accessible analysis of the world economy in its many aspects, and this second edition includes a chapter on the International Banking Crisis in line with the author’s Transition Theory. The book embraces numerous strands of economic debate as the author provides a powerful and original thesis which focuses on the changing economic relationship between developed and developing nations as well as between manufacturing and primary producing sectors. The analysis also extends to international trade, commodity markets, international finance, energy and economic history. The book discusses, in addition to Transition Theory, other global approaches to the subject, including technology diffusion, long waves, commodity price effects and the oil price hikes, and the insights of Transition Theory are also applied to the historical experience of the British economy, concluding with an evaluation of policy implications.
Table of Contents
1.Sea Change in the West 2. Global Theories of Secular Stagnation 3. Transition Theory 4. Empirical Aspects of the Transition Theory 5. The Long Wave Hypothesis 6. Transition in the Nineteenth Century: the British Climacteric 1860-1900 7. A Re-run of the 1970s 8. The Relative Economic Performance of the United Kingdom 1950-80 9. The Future of the International Economic Order 10. Postscript: the International Banking Crisis