The Great Wave: Price Revolutions and the Rhythym of History

by David Hackett Fischer

Book Overview

David Hackett Fischer, one of our most prominent historians, has garnered a reputation for making history come alive--even stories as familiar as Paul Revere's ride, or as complicated as the assimilation of British culture in North America. Now, in The Great Wave, Fischer has done it again, marshaling an astonishing array of historical facts in lucid and compelling prose to outline a history of prices--"the history of change," as Fischer puts it--covering...

• Format: Hardcover
• Language: English
• ISBN: 019505377X
• ISBN13: 9780195053777
• Release Date: November 1996
• Publisher: Oxford University Press, USA
• Length: 552 Pages
• Weight: 2.20 lbs.
• Dimensions: 1.6" x 6.5" x 9.5"

Customer Reviews

a must read

Well written and detailed analysis of a recurring pattern the author has identified across the last 6 centuries. The book is quite thick, but most of it are bibliographical and reference notes (very detailed) and a lot of charts, so reading is easy and smooth. The theory is well presented and clear to understand. Of course the conclusion cannot be definitive, as we are in the midst of the pattern and as usual patterns are easily recognizable only once they're complete. But the author does a good work of presenting the recurring and probable elements that would help identify what phase of the cycle (or wave) we are currently into. Please bear in mind that secular trends play out over many years although our consciousness tends to be stricken by shorter term events. In any case, a very relevant book for current times...

Cogent explanation of our economic times

Almost every day reading the news headlines in 2007-2008, I see more confirmation of the Hackett Fisher's thesis. Runaway inflation led by energy prices, profiteering and hoarding of commodities, increasing gap between rich and poor, rising crime rates. These have all been seen in each great wave, each price revolution. We're at the culmination of the fourth such wave in the last 800 years. Chaos, severe social dislocation, and war followed the previous three instances. Can we beat the odds this time?

this book was fascinating

this was one of the most captivating books I have ever read. Mr. Fischer tells the story of western history in a completely new and fascinating way; he tells the story of modern western history in the language of price fluctuations and inflation. I found this to be fresh way of looking at the live of people from our past. Mr. Fischer is not only a thourough researcher, but a good storyteller as well. I did not, however, agree with some of his opinions of modern economic theory, but respect his work and enjoys his writings.

The Great Wave: Price Revolutions and the Rythm of History

Not just for economic or business geeks. One of the best history books I have read. My sister, a paralegal loved it as well. It ties historic events into patterns - and logic. Yes it has an economic basis but is just as much about human actions and societies. Fairly long, but so interesting and put together it reads like a novel.

'Dismal science' makes for fascinating reading

Americans seem to have a blind spot when it comes to history. We can't see the value of learning about the past, and applying its lessons to the present. We're arrogant enough with our vast wealth and power to believe that we invented everything first. Or we simply don't see the value of history, as a resource, as object lesson, as holding some answers to today's dilemmas. Brandeis University professor David Hackett Fischer acknowledges this blind spot and takes the long view in "The Great Wave." Utilizing a very long telescope, one that sees back as far as the Dark Ages, Fischer investigates the history of price changes to expound on a fascinating theory that can possibly foretell nothing less than the future of the United States, whether we're headed for an era of greater prosperity, or a catastrophe like that of the Great Depression. Fischer's long-view theme is similar to more popular and populist works that spring up like daffodils and last about as long: Toffler's "Fourth Wave" and "Future Shock" easily come to mind, and politicians have their favorite advocates of either the "future's so bright we got to wear shades" school of eternal optimism, or the "hunker down, boys, the Japanese / Germans / Latinos / big business / lower classes are coming over the walls" school. The theory behind "The Great Wave," in contrast, is the real thing, backed by solid research, not the author's political leanings. By examining the prices people paid for goods throughout history, four "price revolutions" were identified, each followed by a long period when prices were relatively stable. The intensity and length of each revolution was different, lasting as short as 80 years, to as long as 180 years. What provides the kick behind this notion is how this series of rising and fallings have had on the growth of society. In general, rising prices placed severe stresses on society at large. During the first three upticks (during the Medieval, 16th century and 18th century periods), bad weather added to the troubles by destroying harvests, leading to widespread starvation. The lower classes, squeezed between prices for basic foods they could no longer pay, as well as laws passed by the wealthy classes who wished to protect their investments, lead to catastrophes such as social revolution or a population-reducing plague. That would restabilize prices and, in general, give everybody a chance to catch their breath. Once the shocks of the collapse have passed, the society finds that prices have stabilized, and the population at large begins to recover. When times are good, the population tends to increase. This places stresses on food and fuel, triggering inflation. Continued prosperity increases the cycle of growth and demand, and added to the troubles are the occasional wars, when ambitious people felt comfortable enough with the status quo to demand more of it. This is a simplistic rendering in a review of what is actually a