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The Kondratiev Wave had its last crash phase in 1929/30.
This emphasis on 45 to 60 year Kondratiev business cycles have been criticized by some for not explaining the origins of the cycle, or Kondratiev waves as being simply economic correlations rather than a cause of economic growth or depression (Solomou, 2004).
The first three Kondratiev waves were (roughly) 1795-1848, 1848-1895 and 1895-1945.
Schumpeter placed great emphasis on the role of Kondratiev waves in explaining the expansion of businesses through innovation.