Capitalist Development in the Twentieth Century: An Evolutionary-Keynesian Analysis

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Capitalism in the twentieth century has been marked by periods of persistent bad performance alternating with episodes of good performance. Cornwall and Cornwall draw upon Schumpterian, Institutional and Keynesian economics to investigate how far these swings can be explained as integral to capitalist development. The authors consider the macroeconomic record of the developed capitalist economies over the past 100 years (including rates of growth, inflation and unemployment) as well as the interaction of economic variables with the changing structural features of the economy in the course of industrialization and transformation.
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Editorial Reviews

From the Publisher
"...a provocative and thoughtful book that is worth reading..." Canadian Public Policy

"John Cornwall and Wendy Cornwall have produced yet another extremely interesting and topical book...the book builds on and extends earlier work by the authors...This is an excellent book. The case is well argued, the analysis is full and exceptionally clear, as one might expect from the authors and their previous work...this book is one of the better books recently published in the area, and the reader is well rewarded as a result." Philip Arestis, Review of Social Economy

" represents an excellent example of how economics should be practised." The World Economy

"Their reference to capitalism in the very title of this book is a mark of the refreshing candor and iconoclasm with which they regard the topic of their investigation and much of the 'dismal science' that precedes them...The authors are to be congratulated for crafting a highly readable volume that combines a compelling account of recent capitalist history with contributions to the methods of evolutionary and Keynesian analyses. The book is essential reading for all who are interested in capitalist development and in the methods and application of non-mainstream macroeconomics." Journal of Economic Issues

"The book, undoubtedly, is serious reading ..." Canadian Journal of Developmental Studies

"This is possibly the best book that the Cornwalls have produced so far. Its blend of theoretical and empirical common sense is highly appealing. It is strongly recommended." Journal of Economic History

"Overall, Capitalist Development in the Twentieth Century is a major contribution to our understanding of the long-run pattern of development over the last century. In contrast to the sterility of mainstream equilibrium analysis, it offers a wonderful blend of theoretical and quantitative economics, history and politics that will stand as a seminal contribution. Its blend of economic theory, econometrics, economic history, and political-institutional analysis places it in the very best tradition of political economy." - Mario Seccareccia, University of Ottawa

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Product Details

Meet the Author

John Cornwall, FRSC, is Professor Emeritus in the Economics Department, Dalhousie University.

Wendy Cornwall is Professor of Economics in the Economics Department at Mount Saint Vincent University.

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Table of Contents

List of figures
List of tables
Pt. I Framework
1 Economic development and economic performance 7
2 The stylized facts 20
3 The neoclassical analysis of unemployment 37
4 An extended Keynesian model 54
5 Institutions and power 67
6 Evolutionary and hysteretic processes 94
7 Theories of capitalist development 112
Pt. II Explaining the development record
8 Understanding the Great Depression 132
9 Foundations of the golden age 156
10 The golden age 186
11 Unemployment 215
Pt. III Political control of the economy
12 Unemployment and the distribution of power 244
13 A neoliberal future? 261
Bibliography 270
Index 282
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