Table II Long-term fluctuations in the...

Table II

Long-term fluctuations in the growth rate of total output in major capitalist countries (from the mid-nineteenth century to the 1970s)

	UK		USA		Germany^b		France		Italy
The second economic long wave
The upward stage
The downward stage	1870s–1890s^a	1.9	1870s–1890s^a	4.2	1870s–1890s^a	2.3	1870s–1890s^a	0.8	1870s–1890s^a	0.7
The third economic long wave
The upward stage	1890s–1913 1920–1929	1.8 1.9	1890s–1913 1920–1929	4.0 4.0	1890s–1913 1920–1929	3.2 4.9	1890s–1913 1920–1929	1.8 4.9	1890s–1913 1920–1929	2.2 3.0
The downward stage	1929–1948	1.6	1929–1948	2.3	1929–1948	0.0	1929–1948	0.0	1929–1948	0.6
The fourth economic long wave
The upward stage	1948–1973	2.9	1948–1973	3.8	1948–1973	6.8	1948–1973	5.3	1948–1973	5.6

	UK		USA		Germany^b		France		Italy
The second economic long wave
The upward stage
The downward stage	1870s–1890s^a	1.9	1870s–1890s^a	4.2	1870s–1890s^a	2.3	1870s–1890s^a	0.8	1870s–1890s^a	0.7
The third economic long wave
The upward stage	1890s–19131920–1929	1.81.9	1890s–19131920–1929	4.04.0	1890s–19131920–1929	3.24.9	1890s–19131920–1929	1.84.9	1890s–19131920–1929	2.23.0
The downward stage	1929–1948	1.6	1929–1948	2.3	1929–1948	0.0	1929–1948	0.0	1929–1948	0.6
The fourth economic long wave
The upward stage	1948–1973	2.9	1948–1973	3.8	1948–1973	6.8	1948–1973	5.3	1948–1973	5.6

Notes: ^a1873–1890 for the UK, 1873–1895 for the USA, 1872–1890 for Germany, 1872–1890 for France, 1873–1890 for Italy; ^b1948–1973: W. Germany

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