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Behind the process of inflation

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Young W.
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  1. Introduction
  2. What are the substantive reasons?
  3. The transfer to the services
  4. The expansionary influence of governments
  5. New social climate
  6. Conclusion

One of the most striking differences between modern inflation and the past is that, in times gone by, the inflationary peaks were followed by long, slow deflationary declines when both prices and money wages fell, especially in times of recession. It was not uncommon in the early years of this century, a great company announced a general cut in wages. In fact, it happens often during the Great Depression. It is true that prices often declined, partly as a result of technological advancement and also in part by the sporadic outbreak of unbridled competition.

A third change is also visible throughout the Western world in Japan. We refer to the much wider role of the public sector plays in generating demand. This change occurred because governments in all capitalist nations are today taking responsibility they never had before, the responsibility to promote growth in the extent possible and to ensure adequate levels of social welfare.

[...] Behind the process of inflation Numerous individual factors have contributed to the rise in prices. The peculiarly inflationary financing of the Vietnam War was one of them. Another was the OPEC oil crisis of 1973. Still another was the global crop failures that year. But these causes seem more trigger the inflationary potential of the world to bear the full responsibility for inflation. To account for such widespread and so persistent phenomenon on the overall inflation, we must seek changes of great depth and breadth. [...]


[...] In fact, it happens often during the Great Depression. It is true that prices often declined, partly as a result of technological advancement and also in part by the sporadic outbreak of unbridled competition. The expansionary influence of governments A third change is also visible throughout the Western world in Japan. We refer to the much wider role of the public sector plays in generating demand. This change occurred because governments in all capitalist nations are today taking responsibility they never had before, the responsibility to promote growth in the extent possible and to ensure adequate levels of social welfare. [...]

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