Distributive Conflicts, Inflation and Systemic Cycles of Accumulation as the Parameters of Historical Development of Capitalism
The article analyzes the dynamics of inflation in the world economy from 1500 to the present. On the basis of empirical analysis three long waves of inflation have been identified that accompanied the development of capitalism in Europe. Based on the concept of systemic cycles of capital accumulation and the “conflict” theory of inflation, the paper proposes a model of mechanisms of long waves of inflation. In particular, it is demonstrated that struggle for power and resources between major centres of capital accumulation and states through fnancial expansion produces powerful redistributive conﬂicts and structural imbalances, which are the factors of long waves of inﬂation.
Read the full text by Alexander Protasov on the Russian-language version of the site.