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The End of Sustained Growth

In: The World Economic Crisis and Japanese Capitalism

Author

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  • Makoto Itoh

    (University of Tokyo)

Abstract

After a chaotic period of postwar reconstruction, the capitalist world experienced a relatively sustained and rapid economic growth from about 1950 until 1973. Although there were recessions for instance in the US economy in 1953–4, 1957–8, 1960–61, 1966–7, 1969–71, each recession was not so serious and was quickly overcome. Especially in the 1960s, an economic system which could continuously achieve full employment seemed really to have been established by the Kennedy-Johnson regime in the USA, with the operation of Keynesian policies based upon a so-called ‘New Economics’. The economic growth in the capitalist world in 1950–73 was not merely sustained without serious crisis, but was also rapid compared to the long-run historical position. Armstrong, Glyn and Harrison who calculated the arithmetic average annual growth rate of output for seven advanced capitalist countries (USA, France, UK, West Germany, Italy, Japan and Canada) in 1950–73 as 4.9 per cent in comparison with 1.9 per cent in 1913–50, 2.5 per cent in 1870–1913, 2.2 per cent in 1820–70, stated impressively.1

Suggested Citation

  • Makoto Itoh, 1990. "The End of Sustained Growth," Palgrave Macmillan Books, in: The World Economic Crisis and Japanese Capitalism, chapter 2, pages 27-59, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-21084-8_2
    DOI: 10.1007/978-1-349-21084-8_2
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