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The Global Crisis Caused by Deflation

  • Giulio SapelliEmail author
Chapter

Abstract

A deep-seated global transformation has come about in the composition of capital: in percentage terms, capital expenditure for setting up mighty large-scale manufacturing industries has increasingly given way to a different type of capital expenditure to build a new service industry with lower fixed capital intensity and lower transaction costs.

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.University of MilanMilanoItaly

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