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 ?
Desai sees the global economic slowdown following the Lehman collapse and the transatlantic financial crisis in 2008 as the beginning of the downswing of a Kondratieff cycle, after the 1992-2007 boom period.
The long Kondratieff cycle lasts 50-60 years (Diebolt, Doliger, 2005).
The Sixth Kondratieff Cycle the Era of Financial Market Instruments: A Reflection on the Australia vs US Subprime Mortgage Market, International Journal of Economics and Finance, 3(5), 37-41.
The Kondratieff cycle is completed in 50-60 years, the Juglar cycle in 7-10 years, and the Kitchin cycle in 2-3 years.
There is also the 56-year Kondratieff cycle of rise and fall in business cycles ending in the Kondratieff winter or depression.
Another possible explanation of the productivity slowdown is the transition from one set of technologies and industries to another, the famous Kondratieff cycle.
The best heuristic model for the Age of State Socialism is the theory of long waves with its half a century long Kondratieff cycle beginning after World War II and ending with the 1989 revolutions.
Similarly, Mandel (1980:36-61) argued that in European countries over the past one hundred years the intensification of workers' militancy during the long upswing phase of prosperity of the Kondratieff cycle has forced employers to pursue "radical" technological innovations.
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.
One is the so-called Kondratieff cycles that historically were 50--60 years in length.
Couching the economic evolution of the country within Kondratieff cycles, McGillivray revisits Innis's staples theory, the subsequent era of economic protectionism and finally Canada's full economic integration into NAFTA.