East Quote by Samir Amin
““The general economic growth of the quarter of a century that followed World War II not surprisingly created many illusions. In the West, people thought that they had found in Keynesianism the definitive solution to the problem of crises and unemployment. It was thus thought that the world had entered into an era of perpetual prosperity and definitive mastery of the business cycle. In the socialist world, it was also thought that the model formula for even higher growth had been discovered which enabled Khruschev to announce victoriously that by 1980 the USSR would have overtaken the united States "in every domain." In the third world of Africa and Asia, the national liberation movements which had seized political independence, also had a battery of prescriptions which, in a mix of capitalist and socialist recipes, in doses that varied from case to case, would enable these movements to overcome "underdevelopment" in "interdependence.””
About This Quote
Post‑WWII economic optimism produced myths of perpetual growth, yet both capitalist and socialist models faced crises and underdevelopment.
In simple terms: Economic optimism created false perpetual growth myths.
Key Takeaway
Question growth myths.
Themes
economics
history
myths
Mood
analytical
critical
Type
East:0
Economic crisis:1
Economic growth:1
Illusions:1
Keynesianism:1
Quarter of a century:0
Third world:1
Underdevelopment:1
Usa:0
Ussr:0
War:0
West:0
World war:0
World war ii:0
Socialist World:0
Thought Keynesianism:0
Keynesianism Definitive:0
When to use this quote
- policy planning
- academic research
- development aid
Key Concepts
Keynesianism
development theory
Questions to Reflect On
- What lessons from post‑war economies apply today?
- How can we avoid similar myths?
A Different Perspective
Overemphasis on growth may ignore inequality.
