The period after World War Two, with its sustained growth and high employment rate, has been referred to as the "golden age" of capitalism. Blending historical analysis with economic theory, this work presents essays that scrutinize the institutions that fostered this growth and high employment as well as the forces which later undermined the effectiveness of these institutions in the 1960s and 70s. The authors discuss the evolution of the historical background, the macroeconomic structure, the international order, the systems of production, as well as the "rules of coordination." They use this to show that the golden age, like other historical epochs, must be understood as a series of interacting institutions--all operating in different areas, but sometimes interlocking with one another and crucial to an intelligent analysis of a critical period in the American experience. Contributors include A. Glyn, A. Hughes, A. Lipietz, A. Singh, G. Epstein, J. Schor, S. Marglin, A. Bhaduri, S. Bowles, R. Boyer, R. Rowthorn, and M. Aoki.
`this is a helpful book, addressing a central question which should be of concern to all economists
British Review of Economic Issues
`first rate, commands attention, and deserves a very wide readership
Roger Middleton, University of Bristol, Economic History Review, Volume XLIV, No. 1 February 1991
`The work has a refreshing breadth
Development Policy Review
`This is a notable book, overall, and one which should stay on as a handy reference for developments which occurred - between, and within OECD economies - till up to about 1987. The quality of the contributions, each one by authorities in the field, is uniformly high. The stress on political economy aspects, and the avoidance of `economism' is particularly refreshing.
`This volume is a welcome addition to the growing literature on the nature of capitalist development in the advanced economies since the second world war ... this volume is a useful starting point for anyone attempting to discover the parameters of the golden age of capitalism.
John Armitage, University of Northumbria at Newcastle, Review of Political Economy 6.2
Lal Jayawardena: Preface; Stephen A. Marglin: Lessons of the golden age: an overview; Andrew Glyn, Alan Hughes, Alan Lipietz, & Ajit Singh: The rise and fall of the golden age; Gerald Epstein, & Juliet Schor: Macropolicy in the rise and fall of the golden age; Stephen A. Marglin & Amit Bhaduri: Profit squeeze and Keynesian theory; Samuel Bowles, & Robert Boyer: A wage-led employment regime: income distribution, labour
discipline, and aggregate demand in welfare capitalism; Bob Rowthorn, & Andrew Glyn: The diversity of unemployment experience since 1973; Masahiko Aoki: A new paradigm of work organization and co-ordination: lessons from Japanese experience; references; index.
Series: Wider Studies in Development Economics
Number Of Pages: 344
Published: 23rd January 1992
Country of Publication: GB
Dimensions (cm): 23.29 x 15.62
Weight (kg): 0.56