With a technological revolution, low inflation and global integration in full swing, the current United States economic expansion, already the longest in American history, shows few signs of old age, President Clinton said in his administration's last annual survey of the economy.
It really was driven by the unwinding of inflation, by the Reagan revolution, by all these factors that were very favorable to earnings and stocks.
Rising productivity meant that the economy could grow rapidly without fear of inflation while the information technology revolution, in the year-old words of John T. Chambers, the chief executive of Cisco Systems, enabled companies to "reduce costs, generate revenue in new ways, empower employees and citizens and provide the agility needed for the Internet economy's rapid pace".
Finally, each price-wave ended in a wrenching social, political and economic upheaval.The inflation rate associated with each price revolution has risen, but the degree of upheaval has weakened.
But one of the central points of the Keynesian revolution was that the conquest of inflation was not enough.
The first effects of the managed-care revolution are wearing off, and "medical inflation"—mainly the cost of new drugs is rising.
Writing about the great price revolution of the 16th century -- inflation that raged for a hundred years -- Mr. Bernstein notes that some scholars blamed the constant, costly warfare among Europe's kingdoms.
Since 1910, the year he became a full-fledged restauranteur in Budapest, Gundel has been thru two world wars, two inflations, two occupations, two revolutions.
Widely believed to have been driven by dissatisfaction with government and the wide gaps in income levels, additional ingredients such as political corruption, human rights violations, inflation, kleptocracy and unemployment ignited unrest which led to revolution.
As it is, high inflation is one of the major reasons for the revolutions.
