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Stagnationism and technocracy were two of the more popular schools of economic thought during the 1930s. Stagnationists such as economist Alvin Hansen of the University of Minnesota argued that the Depression was the result of capitalism reaching a full, mature stage. Stagnationists pointed to the closing of the frontier and a declining birth rate in the industrial world and argued that capitalism was done with, as Hansen put it, "the great era of growth and expansion." All the industries that could be built were built; all the rail that could be laid was laid; all the autos sold that could be sold. Mass unemployment was permanent, a consequence of mechanization. Along with the technocrats, the stagnationists believed that absent a sweeping technological innovation, capitalism had reached the limits of its growth and would now stagnate. The technocrats were similar to the stagnationists in...
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This section contains 376 words (approx. 2 pages at 300 words per page) |
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