The major elements of the Schumpeterian schema are examined, and events in the development of higher education in the United States are plotted on the Kondratieff Waves, with special reference to the evolution of liberal education and the sciences. It is suggested that the liberal arts, which had great impact in the 17th century, declined after the first industrial revolution, creating the first Kondratieff Wave and the growing dissatisfaction with the classical curriculum and literary colleges. The second industrial revolution associated with the railroads in America and the Darwinian revolution, turned to the sciences as a major influence in higher education. The third industrial revolution, under the impetus of electrification and petroleum and related industries, created the third Kondratieff Wave and strengthened the hold of science and technology on American society. The general education movement was also born to modernize liberal education. The fourth Kondratieff Wave, created by the post-industrial revoluation with the influential computer, communications, aviation, and space industries, further solidified science and technology in the curriculum. It is suggested that there seems to be a trend in the direction of a return to the traditional values of general education, and that the downgrade of Kondratieff IV is the time to initiate innovations necessary for the survival of a society committed to science and technology. Graphs and listings of events by year illustrate both societal cycles and those in higher education. (SW)