Description
Book SynopsisThe deterioration in the economic performance of the advanced industrial democracies during the 1970s has provoked an intense debate about the role of government in economic adjustment and growth. In Governments, Markets, and Growth, John Zysman makes a significant contribution to our understanding of these critical international issues by demonstrating that there is a direct relationship between a nation''s financial system and its government''s ability to restart the growth engine. Professor Zysman argues that there are three distinct types of financial systems, each with different consequences for the political ties between financial markets, industry, and government. Zysman tests his argument by analyzing and comparing the patterns of industrial adjustment in five advanced nations. He contrasts the differing strategies of industrial adjustments primarily in France and Great Britain, but also in Japan, West Germany, and the United States. Governments, Markets, and Growt
Trade Review
As the title suggests, this first-rate book covers a lot of ground. At the core is a pioneering analysis of the way national financial systems facilitate or hinder the conduct of industrial policy. A broader focus is on how the different relations of government and market in Japan, France, Germany, Britain, and the U.S. affect each country's ability to cope with changes in the international economy. All these financial systems are shown to be subject to new challenges that differ a good bit from one another. What they have in common, the author reminds us, is that they have provided the foundations for acceptable political systems which may also be called into question if they cannot cope with economic problems.
* Foreign Affairs *
