This paper argues that accumulation and growth both in Europe and Asia has been sustained by external factors represented by the international level of public expenditure generated by the United States mostly for military and political reasons. Both areas, although through different mechanisms, tended towards stagnation when they increasingly depended upon the oligopolistic macroeconomics of Germany and Japan.
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Paper provided by Sydney - Department of Economics in its series Papers with number
98-04.
Find related papers by JEL classification: N44 - Economic History - - Government, War, Law, and Regulation - - - Europe: 1913- N45 - Economic History - - Government, War, Law, and Regulation - - - Asia including Middle East O49 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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