The US Economic Model at Y2K: Lodestar for Advanced Capitalism?
NBER Working Paper No. 7757
The 1990s economic performance of the US suggests that the country may have the right mix of institutions and policies to be the peak capitalist economy in the new information economy. This paper develops criterion for judging peak status and examines whether the US fulfills these criterion. The US's employment and productivity performance make it a legitimate candidate for peak, but the record in distribution does not. As the late 1990s boom raised the wages of low skill workers, continued full employment will greatly strengthen the case for the US as peak economy. But with anything less than full employment the US economy will lose its luster. Even if this occurs, however, the US record in employing women and extending ownership to many workers deserves attention.
Published: Freeman, Ricahrd B. "The US Economic Model at Y2K: Lodestar for Advanced Capitalism?" Canadian Public Policy / Analyse de Politiques, Vol. 26, Supplement: Structural Aspects of Unemployment in Canada (Jul., 2000): S187-S200.