ABSTRACT
SYNOPSIS: 2.00 The main purpose of this chapter is to establish whether there was a Kondratiev swing in core industrial production corresponding to the Kondratiev swing in prices.
2.01 Our survey opens with the great boom of 1873. 2.02 The boom was followed by a great depression. 2.03 In Britain, France and Germany this depression was long rather than deep. 2.04 In the USA it was both deep and long. 2.05 The cumulative effect was that core production did not decline but stood still for six years, during which the gap between actual and potential production widened to an extent not again experienced until the 1930s.
