By Ernest Mandel
During this revised and extended version of lengthy Waves of Capitalist improvement, Ernest Mandel seeks to provide an explanation for the underlying determinants of the booms and slumps of the exchange cycle. Mandel first establishes that there have certainly been twenty- to twenty-five-year-long waves of capitalist growth and contraction - and that those have persevered within the interval on account that global warfare II. He then assembles proof to teach that whereas extensive trends within the cost of revenue were decisive in triggering downturns, the components priceless for a brand new upswing are, in contrast, in general political and extra-economic in personality. He thereby demonstrates the falsity of neo-liberal doctrines, in keeping with which the loose marketplace will itself generate a brand new formulation for balanced and sustainable growth. lengthy Waves of Capitalist improvement not just deals a penetrating research of the ills that experience troubled modern capitalist economies but additionally surveys, and takes ahead, one of many classical debates of recent monetary heritage.
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Additional info for Long Waves of Capitalist Development: A Marxist Interpretation
Without the defeat of German and Japanese imperialism in World War II, American imperialism could never have established the strong hegemony it enjoyed in the 1945-65 period. Without the combination of the decline in British military and political power in World War II and the upsurge in the national liberation movements in Asia and Africa, the collapse of the British Empire could not have occurred in the relatively short time span in which it did occur. The correlation between fluctuations in gold production and the long waves of capitalist economic development has fascinated many economic historians.
26 producing the new products generally occur much earlier than the beginning of the new expansionist long wave. Why then the sudden upsurge of capital investment to massively produce them? Again, by leaving out the key factor of a massive increase in the rate of profit, these elements of explanation, valuable in and by themselves, remain insufficient to explain the turning point from the depressive to the expansionist long wave (Van Duijn noted the asymmetry with the turning point from the depressive to the expansionist long wave, which is endogenous).
All those countries that have an average productivity of industrial labor substantially below that of the United States are still very eager to buy American manufactured goods. They feel essentially the same urge to obtain and even hoard dollars as did Western Europe and Japan in the immediate post-World War 11 period. This applies not only to the so-called third-world countries but also to the so-called socialist countries (a wrong definition if there ever was one, but it is not the purpose of these lectures to put it right).
Long Waves of Capitalist Development: A Marxist Interpretation by Ernest Mandel