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- W2507083513 abstract "By the early 1970s there were clear signs that the long post-war boom was over. The quarter-century after 1945 had seen a ‘Golden Age’ of rapid economic growth throughout the advanced capitalist world and (for most countries) virtually continuous full employment, while real wages had grown steadily but not so rapidly as seriously to threaten the profitability of capital.1 After 1973, however, accumulation slowed considerably. The GDP of four major European countries (the UK, France, West Germany and the Netherlands) plus Japan, which had grown at an annual rate of 5.6 per cent between 1950 and 1973, rose by an average of only 2.1 per cent per annum between 1973 and 1984, and the growth rate of output per hour worked fell from 5.3 to 2.8 per cent per annum over the same period. For the United States the decline was only slightly less marked: from 3.7 to 2.3 per cent (GDP) and 2.5 to 1.0 per cent (GDP per hour worked) respectively.2 The rise in unemployment was even more dramatic. Male unemployment in Britain, for example, ranged from 1.1 per cent to 3.6 per cent between 1953 and 1970; from 1971 to 1980 the range was 3.6 per cent to 8.7 per cent, and in 1981–3 unemployment rose from 13.7 per cent to 16.7 per cent. The experience in other countries was similar, if less extreme.3 Both the rate of profit and the share of profits in net output fell in the 1970s,4 while inflation — an irritant rather than a major problem in earlier decades — accelerated dramatically." @default.
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- W2507083513 date "1992-01-01" @default.
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- W2507083513 title "‘Second Slump’: Theories of Crisis after 1973" @default.
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- W2507083513 doi "https://doi.org/10.1007/978-1-349-21890-5_16" @default.
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