Perez

Here's the difficulty I have with Kondratiev waves: it really seems to take two waves to create a complete cycle. What Perez calls a "technological style" actually unfolds over two Kondratiev waves. Between the two there is a regulation crisis with some kind of "successful" resolution (although it is very hard to call WWII "successful"); and then at the end, a kind of chaotic period during which the technological style begins to change.