Nanotechnology, long waves, and future of manufacturing industry: Comparative analysis of European Union, East Asian newly industrialized countries, and MENA region

Abstract

This study concerns the long wave theory of capitalist development with an aim to discuss and analyze the impact of nanotechnology on manufacturing industry. Long wave theory was asserted by Russian economist Kondratieff and it states the capitalist development with subsequent cycles which last 40 to 60 years each. The theory of Kondratieff was also contributed by other scholars as Schumpeter, Freeman, and Perez. Our research attempts to review how nanotechnology contributes economic growth, and how it changes the structure of manufacturing industry at the eve of the sixth Kondratieff wave. This structure was examined by using comparative case study of European Union, East Asian Newly Industrialized Countries and Middle East and North African (MENA) countries.