Neo-Schumpeterian Long Wave Theory and Nanotechnology: Assessing the Future of Manufacturing Industry

Abstract

Neo-Schumpeterian Long Wave Theory and Nanotechnology: Assessing the Future of Manufacturing Industry Assistant Prof. Dr. Cem Okan Tuncel Abstract While the initial ten years of the twenty first century have not ended yet; global capitalism is experiencing a widespread and in-depth economic crisis in 2007-2008. In this crisis environment, criticisms against mainstream economics increased and debates regarding the future of capitalism started. In order to envisage the future of capitalism, it is necessary to scrutinize the long-term structural tendencies of the capitalist development. With reference to the approach of the Russian economist Kondratieff that expounds capitalist development with the cycles that last 40 to 60 years and that follow each other, the long waves of capitalist development are named “Kondratieff Waves.” Neo-Schumpeterian theory or the techno economic paradigm approach presents an approach that combines Kondratieff’s long wave theory with Schumpeter’s economic development theory and that explains capitalist development with technological change. According to this approach, capitalist development process consists of five Kondratieff waves that have been consecutive to date. The latest global financial crisis may manifest itself as the symptom of the termination process of the long wave by turning into a deepening economic depression. This research tries to review how nanotechnology contributes economic growth and change the structure of manufacturing industry at the eve of the sixth Kondratieff wave. This framework is investigated by using comparative case study of advanced and Newly Industrialized Countries. Full Text: PDF DOI: 10.15640/jeds.v3n1a5