Models of Capitalism by Coates David;

Author:Coates, David;
Language: eng
Format: epub
Publisher: Wiley
Published: 2014-10-16T16:00:00+00:00

4 And finally, we need to be able to account for the existence of both national and sectoral variations in postwar economic performance. We need to recognize and explain the way in which, even in the ‘golden age’ of rapid convergence and catch-up, not all national economies were involved. For the vast majority of such economies, differences in performance persisted over time – rich economies stayed rich, poor economies stayed poor; only some economies were able so to alter their productivity performance as to join what has been termed the postwar ‘convergence club’ (Baumol, 1994: 64). And even among the economies which did effect significant degrees of catch-up and convergence, not all their sectors demonstrated similar capacities to narrow the leader–follower performance gap. Nor was convergence consistent across all the measures of productivity performance.* These national and sectoral variations also need to be explained.

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