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Richard R. Nelson

and particularly the labour market, greater protection of the basic living standards of workers and more planning than did the system that had come to be called capitalism. It is apparent that the strong performance after the Second World War of the European and American economies surprised many people, and changed attitudes. Unemployment was low. The economic growth rate was high and the lion’s share of the population experienced rising living standards. It was widely recognised that post-war capitalism was structurally different from that of pre-war days in a

in Market relations and the competitive process
Why China survived the financial crisis
Shalendra D. Sharma

massive inflows of foreign capital, which have largely taken the form of FDI. While FDI was negligible before 1978, by early 1999 foreign direct investment in joint ventures and wholly foreign-owned companies in China exceeded one-quarter of a trillion US dollars, several times larger than the cumulative FDI since the Second World War in Japan, South Korea and Taiwan combined (Lardy 1999, 3). The bulk of the FDI has been invested in industries in the Special Economic Zones (SEZs) set up in Guangdong, Fujian and Hainan in 1980–81, in Economic and Technological Zones

in The Asian financial crisis
The resurgence of Route 128 in Massachusetts
Michael H. Best

president of Wright Aero, was looking for a site to develop air-cooled radial engines for the US Navy. He went to Hartford and leased the rights to use the Pratt & Whitney name and located in empty space in Pratt and Whitney’s machine shops. His design concepts were translated into a functioning engine and within three years the Pratt & Whitney Aircraft Company was an enormous success. Pratt & Whitney went on to produce close to half the total aircraft engine horsepower produced in America during the Second World War. GE developed the jet engine in Lynn, Massachusetts

in Market relations and the competitive process
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Issues, debates and an overview of the crisis
Shalendra D. Sharma

developing countries have undergone some significant changes. From the end of the Second World War until the mid-1970s, the flow of resources into developing countries was dominated by official development assistance (ODA). The oil embargo and the recycling of petrodollars that began in earnest in 1974 gave rise to a new investment regime. The ready availability of funds allowed developing countries either to augment or to replace ODA and direct investment with large-scale bank lending. In 1981, more than half the resource flows to developing countries consisted of private

in The Asian financial crisis