▁the ▁study ▁of ▁economic ▁cr ises ▁root ing ▁from ▁“ the ▁social ▁ram ifications ▁of ▁the ▁economic ▁system ▁rather ▁than ▁on ▁its ▁structure .” ▁His ▁interpret ations ▁put ▁him ▁before ▁Marx , ▁in ▁semi - def ining ▁the ▁b our ge ois ie ▁and ▁pro let ariat ▁division ▁in ▁society . ▁Key ▁to ▁his ▁philosophy , ▁S ism ond i ▁saw ▁these ▁class ▁divisions ▁to ▁co inci de ▁with ▁cr ises ▁in ▁the ▁economy ▁and ▁didn ' t ▁see ▁extreme ▁social ▁reform ▁as ▁the ▁answer , ▁but ▁rather ▁moder ate ▁versions ▁that ▁allowed ▁for ▁techn ological ▁adv ances ▁to ▁be ▁slow ed ▁for ▁the ▁economy ▁to ▁catch ▁up , ▁via ▁limit ing ▁production ▁and ▁the ▁limitation ▁of ▁what ▁he ▁referred ▁to ▁as ▁“ the ▁prev ail ing ▁gl or ification ▁of ▁free ▁competition ”, ▁all ▁while , ▁most ▁important ly , ▁allowing ▁individuals ▁to ▁retain ▁private ▁property ▁and ▁any ▁reven ues ▁generated ▁from ▁it . ▁ ▁His ▁theory ▁may ▁more ▁precisely ▁be ▁class ed ▁as ▁one ▁of ▁periodic ▁cr ises , ▁rather ▁than ▁cycles ▁per ▁se . ▁and ▁as ▁such ▁is ▁the ▁earliest ▁the or ist ▁of ▁system ic ▁Cris is ▁theory . ▁His ▁theory ▁was ▁adapted ▁by ▁Charles ▁D uno yer , ▁who ▁introdu ces ▁the ▁notion ▁of ▁cy cling ▁between ▁two ▁phases , ▁thus ▁giving ▁a ▁modern ▁form ▁of ▁economic ▁cycle . ▁ ▁As ▁important ▁was ▁his ▁role ▁as ▁an ▁econom ist ; ▁S ism ond i ▁was ▁ren owned ▁as ▁a ▁historian . ▁He ▁commonly ▁applied ▁economic ▁thought ▁and ▁historical