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Schumpeter identified the four stages as follows: the expansion phase, which is mainly described as growth; the crisis phase (known as the depression phase), when stock exchanges fall and several bankruptcies of firms happen; The recession phase, which is a contraction period characterized by a slowdown of activities; and the recovery phase, when the rate of activities slowly returns to normal.This was followed by a decline in the Lebanese political life during the period of Camille Chamoun's presidency.Last but not least, the end of the war in 1989 marked the recession phase of this era.After that, the recession phase took place when more than a million Lebanese citizens demonstrated in the streets, which resulted in the resignation of the government.Since the end of the third cycle, Lebanon didn't experience the beginning of another cycle. At the end of this period with a power vacuum, Lebanon finally had the chance to see the birth of a new era in which each Lebanese citizens put high hopes.
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