GLOBALIZATION: THEORETICAL PERSPECTIVES, IMPACTS …
The current period is the final stage of the downward, B-phase of the Kondratieff cycle, that began in 1967/1975 and will last a few more years. The ending of this phase began with the crisis in East Asia, Russia and Brazil. Wallerstein predicts that the last sub phase of the cycle will end with a severe crisis in the USA (Wallerstein, 1999, p. 6).
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