The paper by A. Maddison examines the distinct phases of capitalist development since 1870 in 16 advanced capitalist countries. It divides the past century's experience into four phases, analyzing long-term performance records, interruptions to growth, phases of growth, and explanations for differences in momentum between these phases. The study aims to understand how these phases have constrained the performance of individual countries, whether they are fast or slow-growing. The research is sponsored by a renowned political economist and reflects a broad range of perspectives in the field of political economy.The paper by A. Maddison examines the distinct phases of capitalist development since 1870 in 16 advanced capitalist countries. It divides the past century's experience into four phases, analyzing long-term performance records, interruptions to growth, phases of growth, and explanations for differences in momentum between these phases. The study aims to understand how these phases have constrained the performance of individual countries, whether they are fast or slow-growing. The research is sponsored by a renowned political economist and reflects a broad range of perspectives in the field of political economy.