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- W619347148 abstract "Contemporary Kondratieff wave studies show two tendencies: one, a macroeco- nomic analysis that maps long trends of prosperity and depression with GDP data, but second, a sectoral approach that traces the influence of K-waves of ba- sic innovations, and the rise of a succession of leading industrial and/or commer- cial sectors on the emergence of a global economy. What is more, K-waves are a not stand-alone feature of the modern world system but one in a cascade of processes that have shaped its emergence. They stand in a close relationship with world politics, democratization, and globalization. An interesting question yet to be answered concerns the character of the next, K20, wave. Economic crises, and more generally, fluctuations in the output of the world economy, have drawn the attention of scholars and practitioners for the best part of the 20 th century, and since. Some of them saw these movements as the product of internal changes and external shocks; others saw them as the harbin- gers of an imminent collapse of capitalism. Among the first to draw attention in a sustained manner to long-term regularities in the behavior of the leading capi- talist economies was Nikolay Kondratieff (1984 (1925)), an economist writing in the 1920s. Statistical work on the behavior of prices and some output series for the United States, Britain and France since the 1790s led him to conclude that the existence of long waves as a regular feature of such economics was quite probable. He saw the capitalist world economy as evolving and self- correcting and, by implication, he denied the notion of an approaching collapse of capitalism then current among Marxist economists. In the 1930s, Joseph Schumpeter endorsed this concept and named the pat- tern the Kondratieff wave, a name that has since been attached to this phe- nomenon, but that hardly settled the matter. Keynesianism explained much that needed to be known about economic depression, and in the years after 1945 the existence of the 'Kondratieffs' remained in contention, and to this day neo- classical economists remain wary of them. In fact, the 'Schumpeterians'," @default.
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- W619347148 date "2012-01-01" @default.
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- W619347148 title "Kondratieff (K-) Waves in the Modern World System" @default.
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