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

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.