Long-Term Booms and Busts in Capitalism

2021 ◽  
pp. 151-154
Author(s):  
Samuel Cohn
Keyword(s):  
New Product Development ◽  
Personal Computer ◽  
World Economy ◽  
Industrial Revolution ◽  
The Internet ◽  
The Great Depression ◽  
Economic Stagnation ◽  
The World ◽  
Global Growth

This chapter addresses the long-term booms and busts in capitalism. The most famous theory of cycles comes from the Soviet economist Nikolai Kondratieff, who posited fifty-year cycles of twenty-five years of boom and twenty-five years of bust. Another theory comes from the work of Gerhard Mensch. The chapter then looks at the five big Kondratieff waves and considers the factors that caused them. The Industrial Revolution was really a case of new product development; machine spinning and weaving dropped the price of clothing dramatically. The clothes-buying binge began to fade in the 1820s, but the British and world economy were rescued by railways. When this boom too ran its course, but the world economy was rescued again — by structural steel. Unfortunately, much of the transformation of world structures from wood to steel had been accomplished by 1920. The 1920s saw depression throughout Europe, followed by the Great Depression of the 1930s. Then the world economy was rescued again by the automobile, which generated a huge number of by-product industries. The saturated market made the 1970s and 1980s years of economic stagnation and slow global growth. However, the world economy was saved again — this time by the personal computer and the internet.

Coal's Persistence in the Capitalist World-Economy

2020 ◽  
Vol 6 (2) ◽  
pp. 194-221 ◽  
Author(s):  
Paul K. Gellert ◽  
Paul S. Ciccantell
Keyword(s):  
World Economy ◽  
Industrial Revolution ◽  
Energy Transition ◽  
Ecological Modernization ◽  
World Systems ◽  
Coal Consumption ◽  
The World ◽  
Capitalist World Economy ◽  
Capitalist World

Predominant analyses of energy offer insufficient theoretical and political-economic insight into the persistence of coal and other fossil fuels. The dominant narrative of coal powering the Industrial Revolution, and Great Britain's world dominance in the nineteenth century giving way to a U.S.- and oil-dominated twentieth century, is marred by teleological assumptions. The key assumption that a complete energy “transition” will occur leads some to conceive of a renewable-energy-dominated twenty-first century led by China. After critiquing the teleological assumptions of modernization, ecological modernization, energetics, and even world-systems analysis of energy “transition,” this paper offers a world-systems perspective on the “raw” materialism of coal. Examining the material characteristics of coal and the unequal structure of the world-economy, the paper uses long-term data from governmental and private sources to reveal the lack of transition as new sources of energy are added. The increases in coal consumption in China and India as they have ascended in the capitalist world-economy have more than offset the leveling-off and decline in some core nations. A true global peak and decline (let alone full substitution) in energy generally and coal specifically has never happened. The future need not repeat the past, but technical, policy, and movement approaches will not get far without addressing the structural imperatives of capitalist growth and the uneven power structures and processes of long-term change of the world-system.

scholarly journals Prospects for Vietnam’s Economy in 2013

2013 ◽  
Vol 215 ◽  
pp. 02-11
Author(s):  
NGÂN TRẦN HOÀNG
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
World Economy ◽  
Inflation Rate ◽  
Economic Restructuring ◽  
Short Term ◽  
Economic Growth Model ◽  
The World ◽  
Global Growth

In 2012, Vietnam?s economy faced great challenges. The world economy experienced more difficulties and complicated upheavals. International trade fell drastically while global growth rate was lower than predicted target, which affected badly the Vietnamese economy because of its full integration into the world economy and large openness. In this context, principal targets set for 2013 are macroeconomic stability, lower inflation rate, higher growth rate, three strategic breakthroughs associated with restructuring of the economy, and a new economic growth model. This paper analyzes obstacles to Vietnam?s economic growth, and offers short-term solutions to bottlenecks and long-term ones to the economic restructuring.

Spillovers to the Global South

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
World Economy ◽  
Commodity Prices ◽  
Global South ◽  
Capital Inflows ◽  
Global Crisis ◽  
Advanced Economies ◽  
The World ◽  
Run Up ◽  
Global Growth ◽  
Very High

The crisis demolished the myth that EDEs were decoupled from advanced economies and BRICS were becoming new engines of global growth. From 2011 onwards, with the end of the twin booms in commodity prices and capital inflows, growth in EDEs has converged downward towards the depressed levels of advanced economies from the very high levels achieved in the run-up to the global crisis and the immediate aftermath. Loss of momentum is particularly visible in economies that failed to manage the earlier booms prudently. In examining the spillovers from policies in major advanced economies and China to EDEs, the chapter introduces the notion of commodity-finance nexus wherein these markets reinforce each other during both expansions and contractions. The chapter concludes with a brief discussion of policies needed to put the world economy into decent shape and to avoid liquidity and debt crises in EDEs.

PASAR LAYAR BERBASIS E-COMMERCE

2021 ◽  
Vol 3 (1) ◽  
pp. 91
Author(s):  
Rewindy Astari Surbakti ◽  
Doddy Yuono
Keyword(s):  
World Economy ◽  
Industrial Revolution ◽  
Interaction Space ◽  
Creative Economy ◽  
Start Up ◽  
The World ◽  
Human Thinking ◽  
New Generation ◽  
Start Ups ◽  
Generation Technology

The 21st century is known as the industrial revolution 4.0 which changes the economy among people who grow together with modernity and technology systems. It proves that the development of human thinking on creativity will greatly affect the development of the creative economy, but this has made the market begin to be abandoned by new generations and switch to e-commerce systems. The existence of an epidemic that has begun to spread in people's lives is also one of the factors that have changed the world economy and made the market begin to be abandoned. Changes in the world economy will require revitalization so that this is used as a foundation in the formation of the Screen Market integrated with the digital system to polarize the economy. The new generation is the key to the development and balance of the economy in technology, this is in line with the entrepreneurial nature and character of the new generation, which makes them prefer to develop as start ups. The revitalization of the economic center will become a forum for interaction with the surrounding environment so that the characteristics of the formation of interaction space are the basis and the beginning of the screen market. The screen market is located on Jl Arjuna Utara which is surrounded by malls, offices, universities, making the type of retail being marketed a creative sub-sector, namely culinary with local products, fashion retail, and also craft retail managed by start ups so it is hoped that the screen market can accommodate interaction and creatively combined with digital developments. Keywords: Economy; Market; New Generation; Technology. Abstrak Abad ke-21 dikenal dengan terjadinya revolusi industri 4.0 yang mengubah  perekonomian  di kalangan masyarakat yang bertumbuh bersama dengan sistem modernitas dan juga teknologi. Membuktikan bahwa perkembangan pemikiran manusia terhadap kreativitas akan sangat memengaruhi perkembangan ekonomi kreatif tetapi hal ini menjadikan pasar mulai ditinggalkan oleh generasi baru dan beralih pada sistem e-commerce. Adanya wabah yang mulai merambat dikehidupan masyarakat juga menjadi salah satu faktor yang merubah perekonomian dunia dan menjadikan pasar mulai ditinggalkan. Perubahan perekonomian dunia ini akan membutuhkan revitalisasi sehingga hal ini dijadikan sebagai landasan pijakan dalam pembentukan Pasar Layar yang dipadukan dengan sistem dari digital sebagai polarisasi perekonomian. Generasi baru merupakan kunci dari perkembangan dan keseimbangan perekonomian dalam teknologi, hal ini sejalan dengan sifat dan watak entrepreneur yang dimiliki oleh generasi baru sehingga menjadikan mereka lebih memilih berkembang sebagai start up. Revitalisasi pusat perekonomian ini akan menjadi wadah interaksi dengan lingkungan sekitar sehingga adanya karakteristik pembentukan ruang interaksi sebagai dasar dan awal dalam pasar layar. Pasar layar berada di Jl. Arjuna Utara yang dikelilingi oleh mall, kantor, universitas menjadikan jenis retail yang dipasarkan merupakan subsektor kreatif yaitu kuliner dengan produk lokal, retail fashion dan juga retail kriya yang dikelola start up sehingga diharapkan Pasar Layar mampu menampung antara interaksi dan kreatif  yang dipadukan dengan perkembangan digital.

scholarly journals SCIENTIFIC AND TECHNOLOGICAL DEVELOPMENT AS A FACTOR OF ACCELERATING ECONOMIC GROWTH IN RUSSIA

2021 ◽  
Vol 230 (4) ◽  
pp. 237-244
Author(s):  
E.B. LENCHUK ◽  
Keyword(s):  
Economic Growth ◽  
World Economy ◽  
Large Scale ◽  
Industrial Revolution ◽  
Technological Development ◽  
Technological Basis ◽  
Fourth Industrial Revolution ◽  
The World ◽  
Sustainable Economic Growth ◽  
Scientific And Technological Development

The article deals with the modern processes of changing the technological basis of the world economy on the basis of large-scale transition to the use of technologies of the fourth industrial revolution, shaping new markets and opens up prospects for sustainable economic growth. It is in the scientific and technological sphere that the competition between countries is shifting. Russia remains nearly invisible player in this field. The author tried to consider the main reasons for such a lag and identify a set of measures of state scientific and technological policy that can give the necessary impetus to the scientific and technological development of Russia.

scholarly journals The new structural economics: patient capital as a comparative advantage

2017 ◽  
Vol 1 (1) ◽  
pp. 4 ◽  
Author(s):  
Justin Yifu Lin ◽  
Yan Wang
Keyword(s):  
Comparative Advantage ◽  
World Economy ◽  
Institutional Factors ◽  
Capital Account ◽  
Public Infrastructure ◽  
Short Term ◽  
Capital Account Liberalization ◽  
The World ◽  
New Structural Economics

The world economy needs a growth-lifting strategy, and infrastructure financing seems to hold the key. Based on the New Structural Economics (Lin, 2010; 2012) we discuss the heterogeneity of capital focusing on the long-term versus short-term orientation (STO). Traditional neoliberalism assumes that capital is homogenous, complete capital account liberalization is “beneficial”.However, previous studies have found evidence of long-term orientation (LTO) in the culture of many Asian economies (Hofstede, 1991). In this exploratory paper, we suggest that the LTO can be considered a special endowment which, under certain circumstances, can be developed into a comparative advantage (CA) in patient capital. If these countries can turn their latent CA into arevealed CA in patient capital, and develop the ability to “package” profitable and non-profitable projects in meaningful ways, they would have a “revealed” competitive advantage in infrastructure financing. The ability to “package” public infrastructure and private services is one of the key institutional factors for success in overseas cooperation.

Conclusions

1998 ◽  
Author(s):  
W. W. Rostow
Keyword(s):  
United States ◽  
Political Economy ◽  
21St Century ◽  
World Economy ◽  
Industrial Revolution ◽  
The United States ◽  
Population Increase ◽  
The Political ◽  
The World ◽  
The Government

I have tried in this book to summarize where the world economy has come from in the past three centuries and to set out the core of the agenda that lies before us as we face the century ahead. This century, for the first time since the mid-18th century, will come to be dominated by stagnant or falling populations. The conclusions at which I have arrived can usefully be divided in two parts: one relates to what can be called the political economy of the 21st century; the other relates to the links between the problem of the United States playing steadily the role of critical margin on the world scene and moving at home toward a solution to the multiple facets of the urban problem. As for the political economy of the 21st century, the following points relate both to U.S. domestic policy and U.S. policy within the OECD, APEC, OAS, and other relevant international organizations. There is a good chance that the economic rise of China and Asia as well as Latin America, plus the convergence of economic stagnation and population increase in Africa, will raise for a time the relative prices of food and industrial materials, as well as lead to an increase in expen ditures in support of the environment. This should occur in the early part of the next century, If corrective action is taken in the private markets and the political process, these strains on the supply side should diminish with the passage of time, the advance of science and innovation, and the progressively reduced rate of population increase. The government, the universities, the private sector, and the professions might soon place on their common agenda the delicate balance of maintaining full employment with stagnant or falling populations. The existing literature, which largely stems from the 1930s, is quite illuminating but inadequate. And the experience with stagnant or falling population in the the world economy during post-Industrial Revolution times is extremely limited. This is a subject best approached in the United States on a bipartisan basis, abroad as an international problem. It is much too serious to be dealt with, as it is at present, as a domestic political football.

DEVELOPMENT OF THE RUSSIAN SEGMENT OF THE ARCTIC ZONE AS A REGIONAL MEASUREMENT OF WORLD GEOPOLITICS

2020 ◽  
pp. 73-77
Author(s):  
T.S. Sukhodaeva ◽  
Keyword(s):  
World Economy ◽  
The Arctic ◽  
Russian Arctic ◽  
Competitive Advantages ◽  
Arctic Zone ◽  
Arctic Council ◽  
The World ◽  
Arctic Policy

The article discusses the features of the Arctic zone, its place in the world economy and international relations. The reasons for the intersection of the geopolitical interests of the leading states of the world in this region are revealed. The main directions of scientific and technical cooperation in the development of the Arctic are identified. The role of the Arctic Council in solving the problem of coordinating the interests of various actors in the region is shown. The strategic necessity of the development of the Arctic as a region free of conflicts and rivalry is substantiated. The analysis of the Russian Arctic policy and mechanisms for its implementation. The author substantiates the conclusion that the development of the Russian Arctic zone can become a driving force for the qualitative growth of the national economy, the formation of the country's competitive advantages in the long term, as well as maintaining the global ecological balance and stability.

Diffusion Patterns of the Internet Technology Cluster in Irish SMEs

2005 ◽  
pp. 858-863
Author(s):  
James Griffin
Keyword(s):  
Electronic Commerce ◽  
World Economy ◽  
Internet Technology ◽  
The Internet ◽  
New Paradigm ◽  
Capitalist Development ◽  
Doing Business ◽  
Sectoral Change ◽  
The World ◽  
New Phase

Electronic commerce has been recognised as a source of fundamental, pan-sectoral change to the conduct of business; Chan and Swatman (2000) use the term: “A new paradigm for doing business.” Other authors have gone further, viewing modern IT developments as the latter part of a period starting in the mid-1970s that represents a transition to nothing less than a new phase of capitalist development (Amin, 1994). Benjamin, Rockhart, Scott Morton, and Wyman (1983) also suggest that the world economy has been fundamentally altered by the globalisation of competition which has largely been caused by the declining cost and consequent increasing spread of IT developments.

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