Kondratiev

Kondratiev refers to the Kondratiev wave theory, also known as long waves or super long waves. This theory was developed by Nikolai Kondratiev, a Russian economist, in the 1920s. He observed cyclical patterns in capitalist economies, suggesting that they experience prolonged periods of expansion and contraction. These cycles, according to Kondratiev, typically last between 40 and 60 years.

Kondratiev's research identified several key phases within these long waves. The first phase is a period of economic stagnation or depression, followed by gradual recovery and growth. This is then succeeded by a period of prosperity and rapid expansion, which eventually leads to a plateau and a subsequent decline. He attributed these cycles to technological innovations, capital investments, and demographic shifts.

The theory has been influential but also controversial. Critics argue that the identified cycles are not always consistent and that other factors can influence economic development. Nevertheless, the Kondratiev wave theory remains a significant concept in economic history and a subject of ongoing debate and analysis. It provides a framework for understanding long-term economic fluctuations and the impact of major societal changes on economic systems.