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Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide.

Price: $113.50

Paperback 340 pp.



Publication date:
October 1991

Imprint: OUP UK

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The Golden Age of Capitalism

Reinterpreting the Postwar Experience

Edited by Stephen A. Marglin and Juliet B. Schor

Series : WIDER Studies in Development Economics

For some twenty years after the Second World War, Keynesian economic policies in countries of the capitalist West were successful in generating rapid growth with high employment. This `golden age of capitalism' did not survive the economic traumas of the 1970s; nor has the more recent emphasis on monetarist policies and supply-side performance succeeded in regenerating comparable growth rates. Blending historical analysis with economic theory, this book seeks to understand the making and unmaking of this `golden age', questions the basis of much present policy-making, and suggests alternative directions for policy.

Readership : Economic policy-makers and their advisers in national and international bodies; academics in economics, economic history, and political science.


  • `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.'
    Economic Times
  • '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.

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Stephen A. Marglin and Juliet B. Schor are both at Harvard University.

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