The Technological and Institutional Context of Cold War Growth Theory

Robin Neill

Journal of the History of Economic Thought, 1994, vol. 16, issue 2, 310-321

Abstract: Between 1928 and 1968, a common information environment in the Soviet Union, the United Kingdom, and the United States with respect to the role of industrial capital in the economy produced theories of economic growth in all three countries. Emerging from different stages of development and different institutional circumstances in each country, the content of the theory of growth was different in each country. The different stages of development were defined by industrial structure and levels of capital accumulation, not by technological sophistication. In the 1920s and 1930s, all three countries experienced the obsolescence of the steam locomotive and the telegraph, and the emergence of new economic activities related to the internal combustion engine, electricity, radio and the telephone. With respect to technology, as such, there was a fairly common information environment. Differences lay in institutions, rates of investment, and levels of accumulation.

Date: 1994
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