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 been a lower rate of growth that the previous decade. Real wages reached a peak in the early 70s to which they have never returned. Events have confirmedMaturity and Stagnation in American Capitalismas 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 ofMaturity and Stagnation in American Capitalism.
Josef Steindl(1912-1993) received his doctorate in economics from the ViennaHochschule 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 1938anschlussand 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.