By Michael Marshall
'...a very unique and extremely solid book...it will be prompt to any scholar looking an creation to the complete long-waves debate.' Peter corridor, development in Human Geography
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Extra info for Long Waves of Regional Development
23 Economic development could not proceed through a linear, continuous course. It was necessary for some industries, sectors or markets to disappear in order to stimulate new innovations, reconstructing the economy on anew, higher plane of development. 2. The neo-Schumpeterian Revival With the onset of the post-war boom after 1945 the theory of long waves entered a phase of relative neglect. A theory which suggested that depression would follow boom as surely as night 32 Long Waves of Capitalist Development follows day failed to excite much interest among economists at a time when the industrialised countries were enjoying a prolonged, and apparently indefinite, period of growth and prosperity.
The price-cycle approach sees. the waves as strict cycles evidenced by regular long-term fluctuations in commodity prices. The association of wars, revolutions and other social upheavals with the turningpoints of each wave is cited by critics as refutation of this conception of the waves as internally regulated economic cycles. A Marxist like Mandel, on the other hand, sees the waves as historical periods representing the interaction of internal economic mechanisms with social and political forces.
Schumpeter characterised the cyclical course of capitalist development as a 'process of creative destruction' where the destructive disruption of capitalist development was a necessary, functional prerequisite for the creative renewal of development in a fresh long cycle of expansion. 23 Economic development could not proceed through a linear, continuous course. It was necessary for some industries, sectors or markets to disappear in order to stimulate new innovations, reconstructing the economy on anew, higher plane of development.
Long Waves of Regional Development by Michael Marshall