By Ernest Mandel
During this revised and improved variation of lengthy Waves of Capitalist improvement, Ernest Mandel seeks to provide an explanation for the underlying determinants of the booms and slumps of the alternate 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 continued within the interval in view that global battle II. He then assembles facts to teach that whereas wide traits within the expense of revenue were decisive in triggering downturns, the components worthwhile for a brand new upswing are, in contrast, ordinarily political and extra-economic in personality. He thereby demonstrates the falsity of neo-liberal doctrines, in line with which the loose industry 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 stricken modern capitalist economies but additionally surveys, and takes ahead, one of many classical debates of recent financial historical past.
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Additional info for Long Waves of Capitalist Development: A Marxist Interpretation
The Dutch economist Dr. Van Duijn also made a recent detailed investigation into the long waves problem. He tried to combine Schumpeter's innovation theory with Forrester's concept of demand overshooting for fixed capital goods and added the product life-cycle as a third element of explanation. Now, increased demand in the capital goods sector is induced by increased appearance of new consumer goods, for which additional consumer demand manifests itsel£. 1. 1. ) "Depressive" long wave "Depressive" long wave "Expansionary" long wave Beginning of long-term decline in rate of profit Attempts to increase the rate of surplus value further sharpen class struggle Rationalization investments (second phase of technological revolution, vulgarization of innovations, disappearance of technological rents further saps average rate of profit) Monetary instability increases Rates of investment and accumulation decline Search for new sources of raw materials and new ways to reduce labor costs, but without immediate important results Sharpened crisis of capital valorization spreads into prolonged social and political crisis Devalorization of capital accentuates Time sequence --?
In opposition to a constantly repeated platitude, this confirms that Marx's Capital, precisely because of its broad historically anticipatory sweep, is much more a work of the twentieth century than of the nineteenth century: In machinery, the appropriation of living labour by capital achieves a direct reality in this respect as well. It is, firstly, the analysis and application of mechanical and chemical laws, arising directly out of science, which enables the machine to perform the same labour as that previously performed by the worker.
Long waves in European class struggle and long waves in economic growth. LONG WAVES OF CAPITALIST DEVELOPMENT attention to the interplay of different factors in the analysis, the striking difference between Gordon's endogenous symmetric long cycles and our asymmetric long waves resides precisely in the fact that we base ourselves on the relative autonomy of the subjective factor and conclude that the outcome of the depressive long wave is not predetermined (it depends on the outcome of class struggles between living social forces), whereas Gordon sees the outcome of the depressive long wave as predetermined by the processes of capital accumulation and labor organization in the previous period.
Long Waves of Capitalist Development: A Marxist Interpretation by Ernest Mandel