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.
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In conclusion, it appears that the Act, quantitative easing, Glass-Steagall II (should it come to pass), and the strings attached to most bailout packages are part of a long-wave cycle in public attitudes toward the allocation process through which investment capital is distributed across various alternative opportunities.