Trade Liberalization and Economic Growth in Europe and the United States

Herbert Giersch

Asian Development Review (ADR), 1986, vol. 04, issue 02, 25-36

Abstract: Four decades ago, Hayek and Schumpeter – two giants among the social philosophers of this century – foresaw an irreversible shift towards centralization and bureaucracy. Five decades ago, the American Keynesians, notably Alvin Hansen, predicted secular stagnation. They envisaged a saturation of consumer wants, declining population growth, and a dearth of opportunities for autonomous investments that arise from inventions and innovations and from the existence of a geographic frontier. Both predictions turned out to be wrong. A cyclical decline was mistaken for a trend, similar to the Communist Manifesto which, a century before, had misjudged a period of relative stagnation as an indicator of the inevitable breakdown of the market system…

Date: 1986
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S0116110586000076
Open Access

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:adrxxx:v:04:y:1986:i:02:n:s0116110586000076

Ordering information: This journal article can be ordered from

DOI: 10.1142/S0116110586000076

Access Statistics for this article

Asian Development Review (ADR) is currently edited by Tetsushi Sonobe

More articles in Asian Development Review (ADR) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().