System Accumulation Сycles of G. Arrighi and Long Waves of Inflation
Abstract
Article is devoted to the research on infl ation dynamics in the world economy for the last five hundred years. On the basis of empirical analysis, long-term cyclic and wave dynamics of infl ation is revealed. The author relies on analytically unusual and panoramic interpretation of historical development of capitalism presented by the Italian economist and historical sociologist G. Arrighi. Using a concept capitalism as a wavely forming system which monitors markets and government policies, the logic of change of long-term trends of infl ation is explained in the article. By the analysis of the system accumulation cycles concept it is shown that the race for power and resources between leading centers of capital accumulation and the states with financial expansions generates powerful redistributive conflicts and structural disproportions which act as factors of long waves of inflation.
Keywords:
inflation, waves, cycles, accumulation, system, economic policy, power, economic structure, disproportions, distribution, conflicts, market
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Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.