The period 1945 to today is that of a typical Kondratieff cycle of the
capitalist world economy, which has had as always two parts: an A-phase
or upward swing or economic expansion that went from 1945 to 1967–73,
and a B-phase or downward swing or economic contraction that has been
going from 1967–73 to today and probably will continue on for several
more years. The period 1450 to today, by contrast, marks the life cycle of
the capitalist world economy, which had its period of genesis, its period
of normal development and now has entered into its period of terminal
crisis. In order to comprehend the present situation, we need to distinguish
between these two social times, and the empirical evidence for
each of them.