Kondratiev Wave

(redirected from Kondratieff 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 ?
It draws upon Braudelian notions of materiality and everyday life, world systems perspectives and Kondratieff waves.
Other categories that come to mind are the Kondratieff waves and shorter periodic fluctuations as described by Juglar and Kitchen.