The Global Crisis Caused by Deflation

  • Giulio SapelliEmail author


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.


  1. N. D. Kondratiev, “Die langen Sozialwissenschaft und Sozialpolitik” 56: 573–609, 1926, returned to in Review of Economic Statistics (1935) and again in “The Long Waves in Economic Life.” Review of Economic Statistics 17 (6): 105–115. 1935. After his death, shot during the purges of 1938, his main works were collected in Dynamics of Economic Development: Long Cycles and Industrial Growth in Historical Context. London: Macmillan, 1998.Google Scholar
  2. W. Eucken, Die Grundlagen der Nationalökonomie. Fischer, Jena, 1940a.Google Scholar
  3. M. Kalecki, Political Aspects of Full Employment, Political Quarterly, 1943, n. 14, pp. 322–331.CrossRefGoogle Scholar
  4. B. Amoroso, Europa e Mediterraneo. Le sfide del futuro Editore Dedalo, Bari 2000, with J. Jespersen, Un’Europa possibile. Dalla crisi alla cooperazione. Publisher Castelvecchi, Siena, 2015, Figli di troika. Gli artefici della crisi economica Publisher Castelvecchi, Siena, 2013.
  5. J. Rueff, Défense et illustration de l’étalon-or, Paris, Alcan, 1932.Google Scholar
  6. K. Mannheim, Das Problem der Generationen, in “Kölner Vierteljahres Hefte für Soziologie”, 1928, VII, pp. 157–185, 309–330.Google Scholar
  7. G. Sapelli, Southern Europe since 1945, Portugal, Spain, Italy, Greece and Turkey, Tradition and Modernity, Longam, London–New York–New Delhi, 1994.Google Scholar
  8. D. P. Calleo Follies of Power: America’s Unipolar Fantasy, Cambridge University Press, Cambridge, 2009.Google Scholar
  9. F. Caudullo and G. Sapelli, La dottrina Obama e le sue conseguenze, published by goWare, Florence, 2015.Google Scholar
  10. F. Chabod, Carlo V e il suo impero, Einaudi, Torino, 1985.Google Scholar
  11. G. Sapelli, Un nuovo mondo. La rivoluzione di Trump e i suoi effetti globali, Guerini & Associati, Milan 2017.Google Scholar
  12. B. Jessop, The State. Past. Present. Future, Polity Press, Cambridge, 2016.Google Scholar
  13. G. Sapelli, Chi comanda in Italia, Guerini e Associati, 2013.
  14. W. Eucken, Die Grundlagen der Nationalökonomie. Fischer, Jena, 1940b.Google Scholar
  15. W. Röpke, International Order and Economic Integration, Springer, Heidelberg–London, 1959.CrossRefGoogle Scholar
  16. H. Minsky, The Financial Instability Hypothesis. In “Jerome Levy Economics Institute,” Working Paper No. 74. 1992.Google Scholar
  17. F. Bozo, Histoire secrète de la crise irakienne, Perrin, Paris, 2013.Google Scholar
  18. D. P. Calleo, The German Problem Reconsidered: Germany and the World Order 1870 to the Present, Cambridge University Press, Cambridge, 1978.Google Scholar
  19. A. Naaman, Les Alawites, Erick Bonnier, Paris, 1999.Google Scholar
  20. M. Kessler, La politique étrangère de la France, Presse de Sciences Po, 1999.Google Scholar
  21. I. Wallerstein, The rise and the future demise of the world capitalist system: concepts and comparative analysis, in “Comparative studies in society and history”, 1974, XVI, pp. 387–415.Google Scholar
  22. I. Wallerstein, The capitalist world economy, Cambridge, 1979.Google Scholar
  23. I. Wallerstein, The modern world-system II. Mercantilism and the consolidation of the European world-economy, 1600–1750, New York, 1980.Google Scholar
  24. S. Amin, Les défis de la mondialisation, 1996.Google Scholar
  25. Pensée sociale critique pour le XXIe siècle: mélanges en l’honneur de Saint-Amin, Éditions L’Harmattan, Paris, 2003.Google Scholar
  26. S. Amin, Ali El Kenz, Europe and the Arab world; patterns and prospects for the new relationship, 2005.Google Scholar
  27. S. Amin, L’Éveil du Sud, le Temps des cerises, Paris, 2008.
  28. S. Amin, Du capitalisme à la civilisation, Éditions Syllepse, Lyon, 2008.Google Scholar
  29. L. Pasinetti, Growth and Income Distribution – Essays in Economic Theory, Cambridge: Cambridge University Press, 1974.Google Scholar
  30. P. M. Sweezy, The Theory of Capitalist Development, Oxford University Press, 1942.Google Scholar
  31. P. A. Baran, P. M. Sweezy, Monopoly Capital. An Essay on the American Economic and Social Order, Monthly Review Press, 1966.Google Scholar
  32. P. M. Sweezy, Modern Capitalism and other essays, Monthly Review Press, 1972.Google Scholar
  33. M. Godelier, (edité par), Transitions et subordinations au capitalisme, Editions de la Maison des Sciences de l’ Homme, Paris, 1984.Google Scholar
  34. Edited by J. Osiatyński, Collected Works of Michal Kalecki. Volume V: Developing Economies, Clarendon Press Publication, Oxford, 1993 and particularly Intermediate regimes, published in M. Kalecki, The Last Phase in the Transformation of Capitalism (With an Introduction of G. R. Feiwel), Monthly Review Press, New York, 1972, pp. 115–124.
  35. M. McCartney and B. Harriss-White, The ‘Intermediate Regime’ and ‘Intermediate Classes’ Revisited: A Critical Political Economy of Indian Economic Development from 1980 to Hindutva, QEH Working Paper Series - QEHWPS34 Working Paper Number 34, pp. 14–18.Google Scholar
  36. B. Badie, Quand le Sud reinvent le monde. Essai sur la puissabnce de la faiblesse, La Decouvert, Paris, 2018a, p. 16.Google Scholar
  37. M. Turchetto, Leggere L’accumulazione del capitale, in “Rivista telematica di studi sulla memoria femminile”, n. 28, 2015.Google Scholar
  38. D. Pilling, China’s entry into Africa comes with a warning, in “Financial Times”, 27 September 2018, p. 13.Google Scholar
  39. J. Needham, The Genius of China. (A one-volume distillation by R. Temple), Simon & Schuster, New York, 1986.
  40. J. Gernet, Le Monde chinois: 3. L’époque contemporaine. xxe siècle, Paris, Armand Colin, 2005 (1re éd., 1972).Google Scholar
  41. K. A. Wittfogel, Oriental Despotism. A comparative study of total power. Yale University Press, New Haven, 1957.Google Scholar
  42. T. Mahan, The Influence of Sea Power Upon History, 1660–1805, New Haven, Abridged, 1980.
  43. G. Sapelli, Da Mao a Xi Jinping, note sul XIX congresso del PCC (a cura di N. Bianconi) in “Cina. La voce del potere”, GoWare Edizioni, Firenze, 2018, pp. 7–24.Google Scholar
  44. M. Weber, Die drei reinen Typen der legitimen Herrschaft, in “Preußische Jahrbücher”. 187, 1922, S. 1–12, pp. 475–488.Google Scholar
  45. S. Eisenstadt, European Civilization in a Comparative Perspective, Cambridge University Press, Cambridge, 1972.Google Scholar
  46. J. Linz and A. Stepan, Modern Nondemocratic Regimes in Problems of Democratic Transition & Consolidation, Johns Hopkins University Press, Baltimore, 1996.Google Scholar
  47. V. Ronchi, Lo stato ibrido, Introduction to the issue of Equilibri 2/2018, 199–201.Google Scholar
  48. J. Goody, Production and Reproduction, Cambridge University Press, 1977.Google Scholar
  49. E. Gellner, Nations and Nationalism, Cornell University Press, Ithaca, 2008.Google Scholar
  50. G. Prunier, Africa’s World War: Congo, the Rwandan Genocide, and the Making of Continental Catastrophe, Oxford University Press, 2009.
  51. M. Citelli, Il Kenya: laboratorio africano, Equilibri 2/2018, 276–282.Google Scholar
  52. B. Badie, Quand le Sud reinvent le monde. Essai sur la puissabnce de la faiblesse, La Decouvert, Paris, 2018b, p. 16.Google Scholar
  53. G. Sapelli, Global Challenges and the Emerging World Order, Springer, 2015.Google Scholar
  54. B. Moore Jr, Social Origins of Dictatorship and Democracy. Lord and Peasant in the Making of the Modern World, Beacon Press, Boston, 1966.Google Scholar
  55. S. K. Majumdar, Lost Glory: India’s Capitalism Story, Oxford, Oxford University Press, 2017.Google Scholar
  56. J. Souza, A elite do atraso: Da escravidão à Lava Jato. Rio de Janeiro: Leya. 2017.
  57. M. Kaleckh, op. cit.Google Scholar
  58. M. C. Howard and J. E. King A History of Marxian Economics, 1929–1990, Macmillan International Higher Education, London, 1992, pp. 222–242.

Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.University of MilanMilanoItaly

Personalised recommendations