The Economics Of Neo-Capitalism

Abstract

The ten years up to 1964 will probably be regarded by historians as the heyday of neo-capitalism. In Western Europe and in Japan, capitalism has enjoyed a rate of economic growth and of prosperity which was unknown even before World War I. In the U.S.A., after the "lean years" of republican deflationary stagnation, the Kennedy administration seemed to have reversed the trend and to have pushed back the economy on to the road of growth. World trade has beaten all records (the volume of world exports of manufactured goods in 1961 was three times as large as in 1938 and more than twice as large as in 1950). Only the underdeveloped countries presented a black spot in this bright picture.