The Great Economic Pendulum
The Great Economic Pendulum
This chapter provides a short historical overview. It shows that there are limits to the expansion of the market system. Sometimes the dynamics of the system seem unstoppable, particularly because it generates material wealth as no other system can, but it repeatedly stumbles on limits and falls victim to its own success. At that moment governments step in, and political management and control become important again. Over time, however, government management systems also reach their limits. It is as if market and government are locked in a perpetual battle, attempting to win ground from one another, overthrowing the other again and again.
Keywords: market system, globalization, capitalism, Great Depression, centrally planned economies
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