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Unformatted text preview: onomic Crisis,” Economics of War
and Peace: Economic, Legal, and Political Perspectives, 2010 p. 205-224]bg
Less intuitive is how periods of economic decline may increase the likelihood of external conflict . Political science
literature has contributed a moderate degree of attention to the impact of economic decline and the security and defence behaviour of
interdependent states. Research in this vein has been considered at systemic, dyadic and national levels. Several notable contributions follow.
First, on the systemic level, Pollins (2008) advances Modelski and Thompson's (1996) work on leadership cycle theory, finding that rhythms in
the global economy are associated with the rise and fall of a pre-eminent power and the often bloody transition from
one pre-eminent leader to the next. As such, exogenous shocks such as economic crises could usher in a redistribution
of relative power (see also Gilpin, 1981) that leads to uncertainty about power balances, increasing the risk of
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