Maturity and Stagnation in American Capitalism by Josef Steindl
By Josef Steindl
Info a development of improvement and funding within the American economic climate that produces decreased progress and elevated stagnation.
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These theoretical features of Marx’s economic model were in 26 The spread of Western economic ideas in Eastern Europe fact those that deﬁned in a fundamental way the Marxist paradigm in its Eastern, mainstream interpretation (Junankar, 1982). Following Junankar’s work, these basic building blocks could be summarized as follows: (a) The importance of production. Production is the most important economic process and the key to economic analysis. (b) Competition. Proﬁt maximization by capitalists within a competitive framework leads to movement of capital to sectors with the highest rates of proﬁts, which tends to lead to an equalization of proﬁt rates and bring market prices towards their long-run equilibrium levels.
83–99) But the disenchantment, following the 1956 revolution and the failure of the experiment with ‘socialism with human face’ in 1968 in Prague, led to a self-declared pragmatism and ‘non-ideological approaches prevailed’ (Csaba, 2002). For Csaba that is in a sense in conformity with Hungary’s tradition of economic thinking, a pragmatic approach ‘interested in public ﬁnances, taxation, and the economic functions of the state in general’ (Szamuely and Csaba, 1998, p. 182). The special status of Polish and Hungarian economics during the period was also deﬁned by their impact in the region.
It is interesting to note that in general the political economy dimension of that feature was overemphasized in the sense that the unity was deﬁned more as a feature of a core ‘political economy’ element and less as an interdisciplinary spontaneous phenomenon. In some extreme cases, like the Romanian one, that led even to the banishing of entire disciplines and university departments and to the centralization of research and teaching around the ‘political economy’ core. Until close to the collapse of the regime, a model broadly similar to the one described above was supposed to command, in some version or other, the loyalties of most practitioners of Marxism, both in academic teaching or in political life in Eastern Europe.