GLOBAL DEVELOPMENT CYCLES: REDEFINING TECHNOLOGICAL INNOVATION CYCLES AND THEIR IMPACTS WITHIN A GLOBAL PERSPECTIVE

In the past three decades, there has been a rise in neo-Schumpeterian approaches for understanding the role of innovation in technological development cycles. However, a literature review reveals two important factors are missing: first, an understanding of the role of the Global Network, defined as the connective network by which people, goods, and information move around the world, and second, a more holistic view of innovation cycles that is based on hierarchies of technologies and encompasses the influence of sociopolitical interactions and market integration worldwide. This paper presents a new conceptual framework for understanding the development of technology, taking these factors into account through the grouping of innovations into Global Development Cycles. With increasing globalization and radical technological development, the attempt to understand predictable, long-term pattern changes has never been more important if we are to effectively manage global development. The implications of this more comprehensive global perspective are discussed.