Maturity and Stagnation in American Capitalism
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.