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Mapping The Markets by Robin Griffiths, Deborah Owen

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10 External events

In his book Business Cycles: A Theoretical, Historical and Statistical Analysis of the Capitalist Process, Joseph Schumpeter made the point that if the short-, medium- and long-term cycles are all moving in the same direction, they will tend to reinforce each other. The chances of an economy experiencing a prolonged recession or even depression are obviously greatest when the long-term and short-term cycles are both in a downward phase. But even then it is not inevitable. Greater understanding of the nature of economic cycles and more sophisticated techniques for monitoring the economy mean that central banks are better equipped to counteract the downward swing in cycles. There probably needs to be some additional external ...

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