The business cycle is a series of peaks and troughs.
商业是一系列的高峰和低谷。
The business cycle is a series of peaks and troughs.
商业是一系列的高峰和低谷。
Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.
虚假的信贷膨胀——不是过储蓄创造出来的信贷——过制造了大量资本的错误投资而导致了商业。
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