Juglar cycle

...In the early 1970s, the Central European countries had accumulated too much capital compared to the labor market and the supply capacity of primary products, which caused labor costs and primary product prices to rise one after another. This, combined with the collapse of the fixed exchange rate system through the dollar crisis and the resulting rise in inflation, led to an inflationary crisis from the end of 1973 to 1975, which then led to a long-term global depression known as stagflation or slump flation, which is having a significant impact on world politics. This was the third major depression following those of 1873-1996 and the 1930s, and the changes in the form of depressions since the imperialist stage have made the phenomenon that corresponds to the downward phase of the Kondratieff cycle around 1950, which includes a repetition of the Juglar cycle around 10 years ago and the Kitchenine cycle due to fluctuations in inventory investment around 3 years ago, and its political impacts have become historically important issues.
[Theory of Panic]
Classical economics, represented by A. Smith and D. Ricardo, viewed the capitalist economy as an order of natural freedom, and believed that a pre-established harmony would be achieved through the free operation of the market. Therefore, they believed that although accidental and partial disturbances might occur, general overproduction or depression could not occur.

*Some of the terminology that mentions "Juglar cycle" is listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…70年初頭には労働市場と一次産品の供給余力に対し中欧諸国の資本が過剰に蓄積されて，労賃と一次産品価格がつぎつぎに高騰し，ドル危機を介しての固定為替相場制度の崩壊によるインフレーションの昂進とあいまって，73年末から75年にかけてインフレーショナル･クライシスが生じ，ついでスタグフレーションないしスランプフレーションとよばれる長期世界不況が進展し，世界政治の動向にも重大な影響を与えつつある。それは1873‐96年と1930年代とに続く3度目の大不況であり，帝国主義段階以降の恐慌の形態変化は，ほぼ10年前後のジュグラー循環Juglar cycleと3年前後の在庫投資の変動によるキチン循環Kitchine cycleとの反復を内部に含む，50年前後のコンドラチエフ循環Kondratieff cycleの下降局面にあたる事象とその政治的影響とを歴史的に重要な問題としてきている。
【恐慌の理論】
　A.スミスやD.リカードに代表される古典派経済学は，資本主義経済を自然的自由の秩序とみなし，市場の自由な運行によって予定調和が実現されるものとみていたので，偶然的で部分的な攪乱は生ずるとしても，全般的過剰生産や恐慌は生ずるはずがないと考えていた。…

※「Juglar cycle」について言及している用語解説の一部を掲載しています。

出典｜株式会社平凡社世界大百科事典 第２版について | 情報