Inconvenient glow: cliometrics and the "golden age" of capitalism

This paper aims to criticize the recent cliometrics literature on the so-called "golden age" of capitalism. The works of Nicholas Crafts, Gianni Toniolo, and Barry Eichengreen are reconstructed in order to reveal the main characteristics of this research program. Its narrow quantitative fo...

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Bibliographic Details
Main Author: Fernando M. Rugitsky
Format: Article
Language:English
Published: Editora 34 2014-12-01
Series:Brazilian Journal of Political Economy
Subjects:
Online Access:http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572014000400005&lng=en&tlng=en
Description
Summary:This paper aims to criticize the recent cliometrics literature on the so-called "golden age" of capitalism. The works of Nicholas Crafts, Gianni Toniolo, and Barry Eichengreen are reconstructed in order to reveal the main characteristics of this research program. Its narrow quantitative focus, its reliance on theoretical propositions borrowed from neoclassical economics, and its auspicious interpretation of the postwar reconstruction are the main focus of the criticism presented. Finally, the cliometricians' attempt to historicize the "golden age" and de-historicize the following decades is related to the ideological understanding of the recent decades as a period of "great moderation."
ISSN:1809-4538