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Power and TimeTemporalities in Conflict and the Making of History$
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Dan Edelstein, Stefanos Geroulanos, and Natasha Wheatley

Print publication date: 2020

Print ISBN-13: 9780226481623

Published to Chicago Scholarship Online: May 2021

DOI: 10.7208/chicago/9780226706016.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 17 September 2021

Time and the Economics of the Business Cycle in Modern Capitalism

Time and the Economics of the Business Cycle in Modern Capitalism

(p.317) 12 Time and the Economics of the Business Cycle in Modern Capitalism
Power and Time

Jamie Martin

University of Chicago Press

This chapter investigates how European and American theorists of economic crisis and the business cycle understood the nature of time under conditions of industrial capitalism from the late nineteenth century onwards. While some have argued that modern conceptions of time and historical development are inherently linear, this chapter shows how the nineteenth century saw a return of traditional notions of cyclical temporality to the heart of economic thought. It looks, in particular, at how the emergence of a globalized world economy and the worldwide spread of capitalist economic processes, beginning in the late nineteenth century, was seen as gradually linking the entire world into shared patterns of cyclical economic rise and fall.

Keywords:   capitalism, business cycle, economic crisis, League of Nations, globalization

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