The Long Wave in the World Economy: The Present 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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Contents
Introduction | 1 |
The long wave debate | 7 |
Technological styles | 36 |
Monetary feedback | 84 |
Population feedback | 101 |
Inequality feedback 1 In the North | 122 |
Inequality feedback 2 International and in the South | 147 |
A résumé of the theoretical argument | 183 |
A historical account 17801850 | 189 |
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agricultural American argued baby boom banks boom Britain British capital capitalists cent cheap counter-cyclical cycle demand depression crisis diffusion disintegration downswing early economic growth effect engineering Europe European example exports factors fall fast feedback processes Figure firms fluctuations Fordist France French Germany Gini coefficient global gold gross domestic product growth rates immigration important income increase industrialisation industry inflation innovations integration interest rates international inequality investment Japan Juglar Junkers Kondratiev Kuznets labour land late less long wave low-technology manufacturing microelectronics migration monetary feedback nineteenth century North Northern organisation output particularly period policies political population feedback pro-cyclical profits railway real interest rates reduce reform relationship relatively Revolution rise sectors 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