Cycles of Accumulation, Crisis, Materials, and Space: Can Different Theories of Change be Reconciled?

Abstract

In this chapter I outline different theories of ascent to and decline from hegemony. In particular, I discuss Arrighi's finance-based theory of cycles of accumulation and Stephen Bunker's materio-spatial theory of hegemonic ascent and decline. Then, I ask whether the different explanations of ascent and decline can be reconciled and/or how we can begin to adjudicate between them in terms of their relative explanatory powers throughout the history of the world-system or at different times in history. Finally, I discuss the implications of theories of hegemonic change for our understanding of local economic change, and particularly the relationship between path dependencies and points of exit from them.

Citation

O’Hearn, D. (2005), "Cycles of Accumulation, Crisis, Materials, and Space: Can Different Theories of Change be Reconciled?", Ciccantell, P.S., Smith, D.A. and Seidman, G. (Ed.) Nature, Raw Materials, and Political Economy (Research in Rural Sociology and Development, Vol. 10), Emerald Group Publishing Limited, Leeds, pp. 113-137. https://doi.org/10.1016/S1057-1922(05)10006-7