The wave of radical transformations sweeping through the world since the end of the 20th century, has put before the economic science a lot of fundamentally new questions. Answers to these burning questions are offered in the book of a well-known Russian economist and the leader of the modern school of Russian cyclism Yuri Yakovets. It reveals laws, tendencies and prospects of transformations based on the wave of epochal innovations in the 21st century radically transforming the economic life, in conjunction with radical changes in socio-demographic, energy- ecological, technological, geopolitical and socio-cultural manifestations of modern civilization. It addresses the premises for the inertia-based and innovative-breakthrough scenarios of transformations in the first half of the 21st century. The book comprises a lot of original ideas and new points, is a step forward in the study of complex processes of deep transformations of society and will be of a real interest not only for scientists, educators, business leaders, politicians and statesmen, but also for the new generation, who has to give strategic responses to the challenges of the new century.