This paper shows that there have been important changes in how the global economic system works. A high growth regime has gradually been substituted by one of low growth. This change appears to be especially pronounced for small economies. Until the end of the 1980s the scope for technological...

John Cornwall built his analysis of Modern Capitalism on a combination of two strands of thought; the Schumpeter-Svennilson view of capitalist development as a process of qualitative change driven by innovation and diffusion of technology, and the Kaldorian idea of static and dynamic economies...

We start by laying out some stylized facts on regional growth in Europe from 1960 onwards (Section 2). On this basis we proceed in Section 3 to an econometric analysis on how these facts can be explained, allowing for a broad range of causal factors as well as the possibility that the dynamics...