Phases of Economic Growth, 1850-1973: Kondratieff Waves and Kuznets Swings

Description

Using data from Britain, France, Germany, the United States, and the world economy between 1850 and 1973, this book presents a clear and systematic examination of the evidence for long-term patterns of economic growth. The author refutes the existence of long (Kondratieff) waves in the course of economic development, and instead presents persuasive evidence for a growth pattern characterized by episodic long swing fluctuations of twenty to thirty years, documenting and explaining these phases in a historical perspective.

'This book is of great importance. For the whole of the period for which adequate statistics are available, it confronts the main theories of fluctuations in economic growth with the evidence. The result is fascinating, and at times devastating. Solomou's achievement in this terse and clear book of 170-odd pages is remarkable. His handling of the main statistical series on growth is masterly; as to the multitude of possible explanatory factors his knowledge of the secondary sources is clearly encyclopaedic, and he gives their gist in a richly informative way without losing sight of his general argument. Anyone interested in the recent economic history of the major Western economies, or the world economy, should read and re-read Solomou; so should economists interested in growth.' The Economic Journal 'Overall, Solomou's arguments are plausible and his reasoning cogent. He has amassed a great amount of information to support his conclusions. His prose style is clear and crisp.' The Times Higher Education Supplement 'The author has written an important book, one in which various theories of fluctuations in economic growth are challenged with the evidence and are submitted to searching analytical and statistical scrutiny of a higher order ... The arguments and findings of this stimulating book are important both for economists and economic historians, and should lead to much fruitful and detailed research. The author is to be congratulated.' The Economic History Review