"... each type of civilization has had diseases peculiar to it and at each period the various social groups in any community also have differed in this regard."

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All we can thus far say about the duration of the units of [the business cycle] and each of [its] two phases is that it will depend on the nature of the particular innovations that carry a cycle,... and the financial conditions and habits prevailing in the business community in each case.

— Joseph A. Schumpeter