Abstract
The “long” crisis1 that haunted industrial countries in the ‘seventies and early ‘eighties is to be interpreted as a structural phenomenon in the sense that in this period it is possible to detect a sharp change of direction in the process of structural change (see, in particular, Sabel, 1985, and Vercelli, 1986, a and b, and 1988). This structural change can be understood properly only from the vantage point of a long period point of view. It is possible thus to discover some analogies with other preceding episodes of persistent crises, such as the Great Depression of the ’thirties and that of the end of last century (1873–1892).
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Vercelli, A. (1989). Uncertainty, Technological Flexibility and Long Term Fluctuations. In: Di Matteo, M., Goodwin, R.M., Vercelli, A. (eds) Technological and Social Factors in Long Term Fluctuations. Lecture Notes in Economics and Mathematical Systems, vol 321. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-48360-8_8
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