Kondratieff (K-) Waves in the Modern World System

Contemporary Kondratieff wave studies show two tendencies: one, a macroeconomic 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 basic innovations, and the rise of a succession of leading industrial and/or commercial 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.