Rachel's Democracy & Health News #836, January 5, 2005

CORRECTION: SERIOUS ERROR IN RACHEL'S NEWS #835

[Rachel's introduction: Last week, I wrote, "But decade after decade since World War II, economic growth rates have been stagnant or declining, not just in the U.S. but throughout the "developed" world." I should have written, "But decade after decade since 1970, economic growth rates have been stagnant or declining, not just in the U.S. but throughout the 'developed' world."--P.M.]

Last week, in Rachel's #835 I misstated the history of economic growth in the U.S. since WW II. I wrote, "But decade after decade since World War II, economic growth rates have been stagnant or declining, not just in the U.S. but throughout the "developed" world."

I should have written, "But decade after decade since 1970, economic growth rates have been stagnant or declining, not just in the U.S. but throughout the 'developed' world."

A corrected version of Rachel's #835 can be found here and a corrected version of that particular essay can be found here.

The slowdown in economic growth has occured during the past 35 years. It is particularly obvious when compared to the decade of the 1960s.

My thanks to Mike Hollinshead for pointing out the error.

Anyone who wants data on growth rates of the "developed" economies of the world during the past 50 years can find it in these five books:

Bernstein, Michael A., and David E. Adler. Understanding American Economic Decline. Cambridge: Cambridge University Press, 1994. ISBN 0-521-45679-7.

Bjork, Gordon C. The Way It Worked and Why It Won't; Structural Change and the Slowdown of U.S. Economic Growth. Westport, Conn.: Praeger, 1999. ISBN 0-275-96532-5.

Cohen, Richard and Peter A. Wilson. Superpowers in Economic Decline; U.S. Strategy in the Transcentury Era. N.Y.: Taylor and Francis, 1990. ISBN 0-8448-1625-6.

Mardick, Jeffrey. The End of Affluence; The Causes and Consequences of America's Economic Dilemma. N.Y.: Random House, 1995. ISBN 0-679-43623-5.

Shutt, Harry. The Trouble with Capitalism; An Enquiry into the Causes of Global Economic Failure. London: Zed Books, 1998. ISBN 1-85649-566-3.

--Peter Montague