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 ?
Sylos then mentions four stages of capitalistic evolution, close to the Schumpeterian idea of Kondratieff cycles.
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)
Oakley concludes that the introduction of Kitchin, Juglar and Kondratieff cycles adds nothing to the theory, while the statistical and historical context provided by Schumpeter is unimpressive.
A study of Kondratieff cycles in Tokugawa Japan since 1600 demonstrates that their timing coincided with those in Europe.
Solomos Solomou's impeccably mainstream book is the first to consider the Kuznets and Kondratieff cycles together; and it may have ambitions to be the last, as it altogether dismisses the Kondratieff wave even as it argues that the Kuznets swing is a far more widespread phenomenon than is generally recognized.
The first two chapters present the Kuznets and Kondratieff cycles, and the relevant statistical methodology.