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Inconvenient glow: Cliometrics and the “golden age” of capitalism

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  • Fernando Rugitsky

Abstract

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.” JEL Classifiction: N00, N01, N10, N40.

Suggested Citation

  • Fernando Rugitsky, 2014. "Inconvenient glow: Cliometrics and the “golden age” of capitalism," Brazilian Journal of Political Economy, Center of Political Economy, vol. 34(4), pages 587-607.
    • Handle: RePEc:ekm:repojs:v:34:y:2014:i:4:p:587-607:id:290
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/290/281
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    Keywords

    “golden age” of capitalism; cliometrics; periodization; historiography;
    All these keywords.

    JEL classification:

    • N00 - Economic History - - General - - - General
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative

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