In 1937, the Japanese economist Kaname Akamatsu discovered specific links between the rise and decline of the global peripheries. Akamatsu’s theory of development describes certain mechanisms whose working results in the narrowing of the gap between the level of development of the economy of developing and developed countries, and, thus, in the re-structuring of the relationships between the global core and the global periphery. Akamatsu developed his model on the basis of his analysis of the economic development of Japan (...) before World War II, with a special emphasis on the development of the Japanese textile industry. Akamatsu’s catch-up development includes three phases: import of goods, organization of the production of previously imported products, and export of those goods. This model proved to be productive for analyzing the development of many other developing countries, especially in East Asia, making the theory of flying geese popular among the economists of these countries, as well as the whole world. The “flying geese” model produces certain swings that may be denoted as Akamatsu waves. Akamatsu waves may be defined as cycles (with a period ranging from 20 to 60 years) that are connected with convergence and divergence of core and periphery of the World System in a way that explains cyclical upward and downward swings (at global and national levels) in the movements of the periphery countries as they catch up with the richer ones. (shrink)