Long Waves Of Capitalist Development / Edition 2

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Overview

In this revised and expanded edition of Long Waves of Capitalist Development, Ernest Mandel seeks to explain the underlying determinants of the booms and slumps of the trade cycle. Mandel first establishes that there have indeed been twenty- to twenty-five-year-long waves of capitalist expansion and contraction—and that these have persisted in the period since World War II. He then assembles evidence to show that while broad tendencies in the rate of profit have been decisive in triggering downturns, the ingredients necessary for a new upswing are, by contrast, generally political and extra-economic in character. He thereby demonstrates the falsity of neo-liberal doctrines, according to which the free market will itself generate a new formula for balanced and sustainable expansion.

Long Waves of Capitalist Development not only offers a penetrating analysis of the ills that have afflicted contemporary capitalist economies but also surveys, and takes forward, one of the classical debates of modern economic history.

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Editorial Reviews

From the Publisher
“This book by the well-known Marxist economist Ernest Mandel is based on the author’s Alfred Marshall Lectures delivered at the University of Cambridge. It is a stimulating presentation of a Marxist interpretation of long waves of capitalist development—the famous ‘long cycles’ often associated with the name of Russian economist Kondratieff ... This is a topical, well-argued and challenging work.”—British Book News
Booknews
The economist and political theorist first establishes that there have been 20- to 25-year-long waves of capitalist expansion and contraction that have persisted since World War II. Then he shows that while broad tendencies in the rate of profit have been decisive in triggering downturns, the ingredients needed for an upswing are generally political and extra-economic. This, he argues, demonstrates the falsity of neo-liberal doctrines, according to which the free market will itself generate a new formula for balanced and sustainable expansion. Distributed by Routledge, Chapman & Hall. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9781859840375
  • Publisher: Verso Books
  • Publication date: 6/17/1995
  • Edition description: Rev
  • Edition number: 2
  • Pages: 184
  • Product dimensions: 5.45 (w) x 8.50 (h) x 0.40 (d)

Meet the Author

Ernest Mandel (1923–95), historian, economist and activist, was a leading figure in the Fourth International from 1945 and was the author of a number of books, including Late Capitalism, Marxist Economic Theory, Long Waves of Capitalist Development, and The Meaning of the Second World War.
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Table of Contents

Preface
1 Long Waves: empirical evidence and their explanation through fluctuations in the average rate of profit 1
2 Long Waves, Technological Revolutions, and Class-struggle Cycles 28
3 Long Waves, Inflation, and the End of the Postwar Boom 49
4 Long Waves as Specific Historical Periods 76
5 Old Problems and New Data: an inventory of the international debate 97
6 New Issues, New Clarifications 116
Notes 139
Index 165
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