By Tolman R.C., Badger R.M.
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Extra resources for A New Kind of Test of the Correspondence Principle Based on the Prediction of the Absolute Intensities of Spectral Lines
NY: Academic Press. Wallerstein, I. 1989: The Second Era of Great Expansion of the Capitalist World-Economy, 1730-1840s. San Diego: Academic Press. Historically organized trilogy of Wallerstein classics on the rise and development of the Europe-centred capitalist worldsystem. On 'globalization from below' The Whirled Bank Group, http://www. org/ - irreverent website critical of IMF and World Bank policies, with issue-by-issue coverage of development themes. World Development Movement, http:// www.
1. 1 Kondratieff's long-wave cycles of upswing, economic expansion and profitability based on certain technological innovations and within established rules. But price inflation increases during the A-phase. This then leads into a B-phase of economic downturn, stagnation, price deflation and profit decline (Knox and Agnew, 1998: 72). The profit squeeze toward the end of the B-phase pushes capitalists and policy-makers to seek new and innovative ways to accumulate capital for the future. They work to shift investment out of established economic sectors, regulated environments and production locations, and thereby create the conditions for a new Kondratieff cycle (Lee, 1994b).
CONCLUSION World-systems theory, with its keen sense of historical, cyclical, technological and geographical patterns, has undoubtedly deepened our understanding of the global political economy. It is also a satisfying antidote to the reductionism, ahistoricism and superficiality in most popular interpretations of economic change. WST's historical and holistic perspective and level-headedness serve to counter the recent hyperbole about the uniqueness of the present globalization and inevitability of neoliberalism (cf.