This book investigates the cyclical nature of capitalist economies in the twentieth century, characterized by alternating periods of poor and strong performance. The authors, drawing on Schumpeterian, institutional, and Keynesian economics, explore how these fluctuations are integral to capitalist development, rather than solely attributable to technological advancement. They analyze the macroeconomic records of developed capitalist economies over the past century, examining growth, inflation, and unemployment rates, alongside the interplay between economic variables and evolving structural features during industrialization and transformation. This systemic approach considers how changes in economic structure and variables are generated from within the capitalist system itself.

This book is presented as essential reading for macroeconomists and economic historians, suggesting it offers a rigorous and comprehensive analysis of twentieth-century capitalist development. The approach, which integrates various economic schools of thought and examines both macroeconomic data and structural changes, aims to provide a deeper understanding of the inherent cyclical nature of capitalist economies. The authors' focus on internal systemic generation of economic performance swings is highlighted as a key contribution to the field. The jacket copy indicates a scholarly audience appreciative of detailed economic history and theory.