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With some emerging technologies, such as AI-machine learning, showing great progress for boosting productivity growth, maybe we should be talking about Early Capitalism rather than Late Capitalism? The best may be yet to come!
The post Instead of 'Late Capitalism,' Maybe the US Economy Is Still in 'Early Capitalism' appeared first on American Enterprise Institute - AEI.

How long did it take for early rapid capitalist transformations to benefit the majority of the population? This essay examines three presumed success cases, concluding that rapid capitalist development took at least five decades to benefit the majority. A neglected political force for success was the effectiveness of local public and quasi-public institutions in creating wide networks of transportation and other public investments responsive to changing market requirements. Economists today should pay close attention to distributional benefits and local government effectiveness before urging western brands of capitalism on countries where failures to benefit the majority threaten severe political instability.

One cannot conceive of capitalism without labor. Yet many of the current debates about economic development leading to industrialization fail to directly engage with labor at all. This collection of essays strives to correct this oversight and to reintroduce labor into the great debates about capitalist development and economic growth before the Industrial Revolution. By attending to the effects of specific regulatory, technological, social and physical environments on producers and production in a set of specific industries, these essays use an "ecological "approach that demonstrates how productivity, knowledge and regime changed between 1400 and 1800. This book will be of interest to researchers in history, especially labor history, and European economic development.