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Financial Globalization and Innovation: Lessons of a Lost Decade for the OECD Economies

In: Macroeconomics, Finance and Money

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  • Pascal Petit

Abstract

When the thirty ‘golden years of capitalism’ came to an end with the crisis of the early 1970s (end of the gold exchange standard, important confrontation between capital and labour) the anti interventionist theses of the Hayekians received special attention. The publication of Milton and Rose Friedman’s book ‘Free to choose’ in 1980 is emblematic of this change of direction. This counter reform developed especially in countries like the US and the UK where the ‘golden years’ were those of slow growth in comparison with countries of continental Europe or with Japan which remained relatively more interventionist, each in their own way.

Suggested Citation

  • Pascal Petit, 2010. "Financial Globalization and Innovation: Lessons of a Lost Decade for the OECD Economies," Palgrave Macmillan Books, in: Giuseppe Fontana & John McCombie & Malcolm Sawyer (ed.), Macroeconomics, Finance and Money, chapter 22, pages 327-343, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28558-3_22
    DOI: 10.1057/9780230285583_22
    as

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