Kondratiev Wave

(redirected from Kondratiev Cycle)

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 ?
Let me explain the Kondratiev Cycle. It is an economic cycle coined and predicted by Nicolai Kondratiev back in 1925.
The 3rd industrial revolution was automated operations and electronics; linking it to Kondratiev Cycle it would be an era between 1960 and 2015.
148 Chapman diagrams the history of Kondratiev cycles. He shows four perfectly regular cycles of economic activity, the amplitude of which increases across consecutive cycles.
He argues, using his special field theory and predictions from Kondratiev cycles, that the unification of the two Koreas follows from what happens in the region.