Definition of 'Kondratieff Wave'
The first Kondratieff Wave began in the early 18th century and ended with the outbreak of World War I in 1914. The second wave began in the 1920s and ended with the Great Depression in the 1930s. The third wave began in the 1940s and ended with the 1970s oil crisis. The fourth wave began in the 1980s and is still ongoing.
Kondratieff Waves are often associated with technological innovations that lead to new industries and economic growth. For example, the first wave was associated with the development of the steam engine, the second wave with the development of electricity, the third wave with the development of the internal combustion engine, and the fourth wave with the development of information technology.
Kondratieff Waves are not without their critics. Some economists argue that they are too simplistic and that economic activity is not as cyclical as Kondratieff suggests. Others argue that Kondratieff Waves are not caused by technological innovations, but rather by other factors, such as changes in government policy or consumer demand.
Despite the debate, Kondratieff Waves remain a popular way of understanding long-term economic trends. They can be used to forecast future economic growth and to make investment decisions.
Here are some additional resources on the Kondratieff Wave:
* [The Kondratieff Wave: A Historical Perspective](https://www.investopedia.com/articles/economics/092915/kondratieffs-wave-historical-perspective.asp)
* [The Kondratieff Wave: What It Is and Why It Matters](https://www.thebalance.com/kondratieffs-wave-4177140)
* [The Kondratieff Wave: A Critical Assessment](https://www.jstor.org/stable/2585000)
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