Download PDF by Michael Marshall: Long Waves of Regional Development

By Michael Marshall

'...a very unique and intensely reliable might be instructed to any scholar looking an creation to the full long-waves debate.' Peter corridor, development in Human Geography

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Part I Long Waves of Capitalist Development 1 Theories of Long Waves: From Kondratieff to Mandel Introduction All proponents of the theory of long waves acknowledge the existence of alternating long-term phases of relative expansion and contraction in the historical development of industrial capitalism. But the nature of the long waves, their origins and appearance, has been the subject of wide-ranging debate. In its 'pure' form, as proposed by Kondratieff himself, the long waves are seen as a commodity price cycle in which the pace of economic development is regulated by relative movements of input and output production prices.

They were an inherent feature, not of the economic, but of the demographic process, saving and investment tending to rise naturally over time with the 30 Long Waves of Capitalist Development increase of population. For Schumpeter the term 'development' in the economic sense implied a qualitative shift in the nature of production, not mere quantitative changes in the level, rate of increase or distribution of wealth. 22 Technical innovation This qualitative change is described in Schumpeter's concept of technical 'innovation', the establishment of a new productive function.

For Kondratieff the movements of the long waves could not be attributed to such 'external' factors, but were regulated by internal necessities inherent to capitalist economic development. A 'tentative explanation' In one of his last papers, delivered in 1926 and published jointly with his collaborator Oparin two years later, Kondratieff provided, with his customary caution, a 'first attempt to give a tentative explanation of the long cycles'. Deriving a concept of long-term capitalist equilibrium from his reading of Alfred Marshall, Kondratieff argued that: The wavelike fluctuations are processes of alternating disturbances of the equilibrium of the capitalistic system; they are .

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