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Technical Progress and Obsolescence of Capital and Skills: Theoretical Foundations of Nineteenth-Century US Industrial and Trade Policy

In: Globalization, Economic Development and Inequality

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  • Michael Hudson

Abstract

The expert contributors gathered here approach underdevelopment and inequality from different evolutionary perspectives. It is argued that the Schumpeterian processes of ‘creative destruction' may take the form of wealth creation in one part of the globe and wealth destruction in another. Case studies explore and analyse the successful 19th century policies that allowed Germany and the United States to catch up with the UK and these are contrasted with two other case studies exploring the deindustrialization and falling real wages in Peru and Mongolia during the 1990s. The case studies and thematic papers together explore, identify and explain the mechanisms which cause economic inequality. Some papers point to why the present form of globalization increases poverty in many Third World nations.

Suggested Citation

  • Michael Hudson, 2004. "Technical Progress and Obsolescence of Capital and Skills: Theoretical Foundations of Nineteenth-Century US Industrial and Trade Policy," Chapters, in: Erik S. Reinert (ed.), Globalization, Economic Development and Inequality, chapter 4, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:1570_4
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    Cited by:

    1. Reinert, Erik S., 2004. "How rich nations got rich. Essays in the history of economic policy," MPRA Paper 48147, University Library of Munich, Germany.

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    Keywords

    Economics and Finance;

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