Kondratiev Wave

(redirected from Kondratiev waves)

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 ?
The book derives its name from Joseph Schumpeter's description of Kondratiev waves in The Theory of Economic Development.
The first three Kondratiev waves were (roughly) 1795-1848, 1848-1895 and 1895-1945.