ABSTRACT
For the two or three centuries that capitalism has dominated the world system, deep-rooted socioeconomic forces overlain by economic and political cycles have determined the level and growth of productive employment; in the Braudelian longue durée “full employment” has not been the normal state of affairs. Since the 1970s, in particular, structure and conjuncture have limited job creation and per capita income growth. Policies are on hand to counteract these failures. For them to be fully effective, however, profound institutional changes will have to occur.
