Maturity and Stagnation in American Capitalism


Aakar Books, New Delhi, 2014

272 pages

Price INR 295.00
Book Club Price INR 222.00
INR 295.00
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This book is the 1976 revision of a work that was first published, according to the author, "at a time which could not have been less propitious for its success". It was the early 1950s, when the mass prosperity of the postwar era was hailed as proof of the triumph of American capitalism. In the decades since, however, U.S. growth has steadily slowed. Each decade has seen a lower rate of growth than the previous decade. Real wages reached a peak in the early '70s to which they have never returned. Events have confirmed Maturity and Stagnation in American Capitalism as an unparalleled work of economic analysis. Any serious attempt to understand the course of today's global capitalism must take into account, and build upon, the thesis of Maturity and Stagnation in American Capitalism.

Josef Steindl

Josef Steindl (1912-1993) received his doctorate in economics from the Vienna Hochschule für Welthandel (now the Economic University) in 1935. Influenced by Austro-Marxism, he was among the first to attempt a synthesis with the new Keynesian notions. Steindl left Austria after the 1938 anschluss and was a colleague of Michal Kalecki at the Oxford Institute of Statistics during World War II. His model of the macroeconomics of growth and distribution has powerful application to the central questions of today's global economy.