Competition, Capital Accumulation; Business Cycles and Long-Run Trends
This paper analyses the determinations of the existence of business cycles as well as of the different types of cycles in the context of capital competition, valorisation and accumulation. It is posed, firstly, that medium-run changes in some key relative prices (raw materials, real wages and real interest rates), resulting from the unfolding of circulating capital accumulation, explain the existence of business cycles. It is posed, secondly, that changes in technology and labour productivity, resulting from the unfolding of fixed capital accumulation, explain the existence of different types of business cycles: expansive (long and deep expansive phase relative to its contractive phase) and contractive (short and shallow expansive phase relative to its contractive phase). It is posed, thirdly, that the long-run succession of business cycles of the same type, explain the existence of long-run trends of different types: expansive long waves (succession of expansive business cycles) and contractive long waves (succession of contractive business cycles).
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Keywords: CYCLES, CRISIS
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