Locational restructuring and financial crises

Richard A Easterlin
2000 Structural Change and Economic Dynamics  
Since 1800, modern economic growth has caused an unprecedented locational restructuring of economies experiencing rapid economic development, a redistribution of population from farms and villages to towns and cities. In free market economies of the past, this urbanization process occurred in Kuznets cycles, averaging 15 -25 years in duration. During these cycles, real investment typically occurred in a two-stage sequence -investment in a new production technology followed by investment in
more » ... infrastructure -and resulted eventually in financial crisis and collapse. Recent developments in today's less developed economies suggest the possible re-birth there of the Kuznets cycles of the past.
doi:10.1016/s0954-349x(99)00027-2 fatcat:nbifsmipwjexfataiyzdxuvjwi