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Within the period of modern economic growth, there have been distinct and important phases of development. Such phases have characteristics which put constraints on the performance of individual countries, whether they be fast or slow growing. The present paper deals with developments since 1870 in 16 of the more advanced capitalist countries, and divides the past century’s experience into four phases. The author looks at long-term performance records, interruptions to growth, phases of growth and finally explanations of differences in momentum between phases. JEL: O11, P10
Angus Maddison (Wed,) studied this question.