The paper argues that at the roots of the crisis is the boom and bust of the ICTs-led 1990s cycle of expansion. The focus is on the US economy and the rise of new markets. The argument is based on a theoretical scheme centered on the structural dynamics of market creation. The scheme links the crisis with a long-term view of growth, comprising the expansion cycles of the 1980s and 1990s and the building up of the conditions for the severe recession at the end of the 2000s. Section 2 outlines the theoretical scheme, section 3 examines the 1990s expansion, section 4 looks at the expansion in the long term perspective stretching from the crisis of the 1970s to the latest recession in 2008-2009. Section 5 briefly discusses the 2000s and the eruption of the crisis.
A long run perspective on the late 2000s recession
GUALERZI, DAVIDE
2012
Abstract
The paper argues that at the roots of the crisis is the boom and bust of the ICTs-led 1990s cycle of expansion. The focus is on the US economy and the rise of new markets. The argument is based on a theoretical scheme centered on the structural dynamics of market creation. The scheme links the crisis with a long-term view of growth, comprising the expansion cycles of the 1980s and 1990s and the building up of the conditions for the severe recession at the end of the 2000s. Section 2 outlines the theoretical scheme, section 3 examines the 1990s expansion, section 4 looks at the expansion in the long term perspective stretching from the crisis of the 1970s to the latest recession in 2008-2009. Section 5 briefly discusses the 2000s and the eruption of the crisis.Pubblicazioni consigliate
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