Author's response

The year 1996 was regarded by a considerable part of contemporary literature on global political economy as a definite turning point in modern history. The majority of experts tended to see the starting point of take‐off that year, but others—not a negligible minority—saw omens of disastrous recession and lasting depression. It appears the time has not yet come. The question is now that of the incalculable resultant of runaway (deregulated) forces of the international financial “whirlpool”, of a random process of global, regional and local accumulation of capital. The year 1997 will set in with a foreseeable and calculable agrarian and related cycle and it may find an outlet for accumulated tensions of capital accumulation at the high tide of unemployment (demographic or migratory) wave with unforeseeable and incalculable effects and side‐effects. This will be just the beginning of the end and a Black Weekday still lies ahead of us. There can be no doubt that we live in a transition period but we do not know where this transition leads to. Loose talk about “post‐industrial society”, “post‐modern age” and “postsomething anything” has limited interpretative power. Very few students of social sciences venture to see and verify secular trends in world history.