The nature and functioning of European capitalism: a historical comparative perspective

Article Abstract:

The policies adopted by the European nations from the 1950s, stressing capital accumulation, technical development, and effective distribution of resources, have allowed its countries to rapidly improve their economies. European economies have surpassed productivity levels of the US some five times more. However, unemployment rates in European countries have been incrementally increasing since the 1980s. Adverse policies in Europe, which have been largely avoided in the US, can explain the phenomenon.

Economics, Research and Development in the Social Sciences and Humanities, Economic aspects, History, Eastern Europe, Capitalism, Free enterprise

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The political economy of reciprocity: a comment

Article Abstract:

H.W. Arndt's argument that reciprocity clauses in tariff reductions should be abolished is founded on the assumption that perfect competitive and frictionless markets exist. In actuality, however, inefficiencies in real market economies are inevitable and this makes reciprocity clauses necessary. Under conditions of Keynesian underemployment and given the absence of international agreements for maintaining employment, reciprocity clauses become important.

Evaluation

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The political economy of reciprocity: a reply

Article Abstract:

The need for reciprocity clauses in tariff reductions should not distort the real picture concerning international trade. Although reciprocity clauses can help countries which follow more expansionary macroeconomic policies than their trade partners, they can never be the perfect panacea for unemployment problems. Reciprocity clauses only encourage protectionist trade practices.

Political aspects

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