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The Limits of the MarketThe Pendulum Between Government and Market$
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Paul De Grauwe

Print publication date: 2017

Print ISBN-13: 9780198784289

Published to Oxford Scholarship Online: January 2017

DOI: 10.1093/acprof:oso/9780198784289.001.0001

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Rise and Fall of Capitalism: Linear or Cyclical?

Rise and Fall of Capitalism: Linear or Cyclical?

(p.111) Chapter 10 Rise and Fall of Capitalism: Linear or Cyclical?
The Limits of the Market

Paul De Grauwe

Oxford University Press

Philosophers, economists, social scientists, and historians have developed countless theories describing how capitalism emerged and why ultimately it would be doomed. The key characteristics of these analyses are that they predict the final collapse of capitalism and its transformation into something very different in which governments (the state) will take over the command of the economy. Karl Marx, Friedrich Engels, Joseph Schumpeter, Rosa Luxemburg, Vladimir Lenin, Karl Polanyi, all have developed ‘linear theories’ of the rise and fall of capitalism, i.e. theories predicting that capitalism would disappear and be replaced permanently by some form of state control over the economy. This linear theory contrasts with the cyclical theory that has been developed in this book, i.e. a theory predicting that capitalism is subject to a rise and fall followed by a resurrection, which in turn leads to a new rise and fall, ad infinitum.

Keywords:   Karl Marx, Rosa Luxemburg, Vladimir Lenin, Karl Polanyi, linear theories

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