Kondratiev Wave

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Kondratiev Wave

A theory stating that capitalist economies go through phases much longer than ordinary business cycles. That is, capitalist economies have cycles of 45-60 years, where they perform alternately well and then poorly. The cycle then starts over. For example, the Second Industrial Revolution lasted from approximately 1850 to 1900; the global economy performed well in the first half of the cycle and was characterized by depression in the second half. Kondratiev wave theory was proposed by a Soviet economist and is more popular in Marxist circles than outside of them. See also: Kremlinomics.
References in periodicals archive ?
In the third chapter, a series of possible future economic scenarios presents a broad vision of the BRIMCs' nations in the 21st century, using hegemonic cycles and Kondratieff cycles theories.
But for readers looking for such elucidation, it appears that Wallerstein assumes prior knowledge of such key concepts as Kondratieff cycles (p.
Sylos then mentions four stages of capitalistic evolution, close to the Schumpeterian idea of Kondratieff cycles.
In his Economic Cycles, Schumpeter thoroughly analyzes some Kondratieff cycles he detected (incidentally showing his vast knowledge of economic history):
The Kondratieff cycle is completed in 50-60 years, the Juglar cycle in 7-10 years, and the Kitchin cycle in 2-3 years.
1786-1842: First Kondratieff cycle, connected to the growing use of hydro power for industrial purposes (61)
1843-97: Second Kondratieff cycle, connected to railway growth (62)
One is the so-called Kondratieff cycles that historically were 50--60 years in length.