Long Cycles: Prosperity and War in the Modern Age by Joshua S. Goldstein

By Joshua S. Goldstein

The writer builds a brand new interpretation of worldwide heritage within the smooth age, based by way of the increase and decline of 3 hegemonic countries-the Netherlands, nice Britain, and the USA. He elaborates the historic connections of economics and warfare in each one hegemonic cycle, with specific awareness to 3 "hegemonic wars", 1618-48, 1793-1815, and 1914-45.

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At the same time, changes in transportation and telecommunications (the steamship, the telegraph , and extensive railroad construction) and changes in credit and trade caused an increase in the rate o f turnover of capital . 2 . Mandel's Long Waves in Class Struggle Note : Graph represents European class struggle and economic growth. Source: Mandel (1980: 50) . Copyright Cambridge University Press . Reprinted by permission . Mandel's schematic graph correlating class struggle and economic growth in Europ e from 1871 to 1974 .

The Government enters the markets supplied with virtually unlimited funds and bids against the private consumer or business firm ; the result is naturally a swift and more or less cumulative spiral of pric e advances" (p . 59) . 37. The drafting of men from the labor force brings about a substitution of less highly trained workers . Faster depreciation and inadequate replacement of equipment occur . The expansion of agriculture an d mining, to serve the urgent demand for food and minerals for war needs, is a slow process .

105) . Upswings "seem related in some fashion to the three major wars since 1787, " according to Rose, and the three long downswings contained depressions (1820–25 , 1873–78, and 1929–34) that might have been caused by the petering-out of postwa r demands . E . M . " He noted that "the whole level of demand, the propensity to consume, i s raised by war" due to the heavy expenditure for war goods . At the same time, "the volume of production is certain to decline" in an extended war because of labo r shortages, blockades of raw materials or export markets, shortages of foreign ex change, and/or the depletion of capital equipment resulting from the precedenc e given to war goods .

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