ABSTRACT
During the 1950s Austria developed a set of principles of economic policy which it continued to apply for about two decades, until the economic crisis which followed the first oil crisis. It is at this time that Austrokeynesianism attracted particular attention, partly because it stood out against the neo-conservative developments that began to spread in an increasing number of countries, partly because of Austrias quite impressive economic results. The term social-democratic consensus is not meant to apply exclusively to parties of that name, but rather to a particular vision of social evolution and of economic policy and includes several elements: the notion of a collective advance through a generalised increase in living standards; the idea that a strong and cohesive labour movement can and decisively contribute to such a collective advance; and parallel with this the granting of power and prestige to those social forces and organisations that embody these notions and aspirations.
