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By Michel Aglietta

Michel Aglietta’s path-breaking e-book is the 1st test at a rigorous ancient thought of the total improvement people capitalism, from the Civil conflict to the Carter presidency. an enormous record of the “Regulation School” of heterodox economics, it was once obtained because the boldest ebook in its box because the vintage reports of Paul Baran, Paul Sweezy and Harry Braverman.

This edition encompasses a gigantic postface via Aglietta, which situates rules concept within the context of twenty-first-century capitalism.

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21 On the other hand, where institutional and market conditions were more stable, the population continued to expand. Thus in central and southern Castile, for example, the thirteenth-century reconquista opened up unsettled lands that immigrants were too few to populate fully; not surprisingly, in this area the symptoms of economic crisis (stagnant or declining population, volatile and rising prices, land fragmentation) were generally more muted. 22 We have seen that the economic slowdown was due neither to primitive technology nor to peasant conservatism, but resulted from increasing competition between feudal lords—including towns that possessed significant jurisdictional rights over the countryside, as in parts of Italy, Flanders and possibly Catalonia—for the profits of trade, for stable food supplies, and for territorial enlargement.

Price volatility is strictly speaking a function of the efficiency of urban supply structures rather than of the volatility of the neighbouring harvest. The two will only coincide if output is subject to identical shocks across a town’s entire supply region, so the town is unable to compensate for declining output in one part of the supply area by importing food from elsewhere (if compensatory flows do arise, prices on the urban market will increase only by the difference in transport costs between the two locations).

R. 2 Although the reasons for the decline in interest rates have not attracted much discussion, it appears that several of the factors examined previously contributed to the change and, by mutually reinforcing each other, produced the extraordinary size and rapidity of the gains. These factors were a decline in commercial and institutional risk; increased opportunities for investment as market barriers declined; and an increased range of consumer goods, which raised the individual propensity to save.

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