The Long Wave in the World Economy: The Current Crisis in Historical PerspectiveLong waves are cycles of some fifty years duration in which a period of rapid expansion is followed by one of slow growth of stagnation. This book provides a critical examination of long wave theory and an original explanation of long fluctuations which is highly relevant to the current crisis in the world economy. |
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agricultural American argued baby boom banks benefit boom Britain British capital capitalists cent cheap cycle demand depression crisis difficulties diffusion disintegration downswing early Eastern Europe economic growth effect engineering Europe European example exports factors fall fast feedback processes Figure finance financial find firms first Fordist France French Germany global gold gross domestic product growth rates immigration important improvement income increase industrialisation industry innovations integration interest rates international inequality investment Japan Juglar Junkers Kondratiev Kuznets labour land late less long wave long wave upswing manufacturing migration monetary feedback nineteenth century North Northern organisation output particularly period policies political population feedback profits railway reduce reform relationship relatively Revolution rise sectors significant skilled social Solomou Source South steam transport style steel Sweden Table Taiwan technological style terms of trade Tylecote Unionisation unions United upswing wages workers world economy world power