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Abstract
Starting with the Kondratieff waves, about 57 years in duration, now recognised in the capitalist economy, Schumpeter's insight that each starting point of a Kondratieff wave coincides with a new technology or progress in industrial organisation is discussed. Furthermore, each new wave has been characterised by transport developments, which in their turn shaped urban growth, leading recently, for example, to deconcentration of cities. The rapid growth of telecommunications technology for the information economy has allowed telecommuting, so far to only a limited extent, and will affect the future of all grades of cities, from capitals to provincial and regional conurbations, as the economy adapts to the international age.