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 ?
Phases of economic growth, 1850-1973: Kondratiev waves and Kuznets swings, New York, Cambridge University Press.
First, experts don't agree that the Kondratiev Wave theory ever worked.
The book derives its name from Joseph Schumpeter's description of Kondratiev waves in The Theory of Economic Development.
Schumpeter (1943) placed great emphasis on the role of Kondratiev waves in explaining the expansion of businesses through innovation.
The first three Kondratiev waves were (roughly) 1795-1848, 1848-1895 and 1895-1945.