Long economic waves, also called Kondratiev waves, are related to inventions and technologies, which change not only production processes but also the way of living. After the steam, steel, electricity, and petrochemical revolutions, network-based digitalization is the driving force today on the stage of business and private life. The Internet as a mass phenomenon, which began in the 1990s, allows easy and cheap connection of information technology systems. The next steps of technological progress as well as innovations in business and social life rely on information technology. As Nefiodow (2001) puts it: The 6. Kondratiev wave, which could be health and bioengineering, will be based on today’s 5. Kondratiev wave, which is information technology. Atechnological prerequisite of these developments is digitalization,whichmeans the expression of information in strings of 0 and 1, called binary or digital strings. [download]
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