Risk, recessions and the resilience of capitalist countries
Summary
Over the course of the twentieth century as a whole, the annual average growth rate of real GDP in the main Western economies was typically between 2 and 3 per cent, slightly higher in a few of the economies.
Over the course of the twentieth century as a whole, the annual average growth rate of real GDP in the main Western economies was typically between 2 and 3 per cent, slightly higher in a few of the economies. This steady growth is the feature of capitalism, which is strikingly different to all previous and existing alternative systems of economic organisation.