Kondratiev long waves, also known as Kondratiev cycles or K-waves, are economic cycles proposed by Russian economist Nikolai Kondratiev in the 1920s. He suggested that capitalist economies experience long-term cycles of approximately 50 years, characterized by alternating periods of growth and decline, and driven by technological innovations.
The five long waves…
Steam and Mechanization (1780s-1840s): The adoption of steam engines in manufacturing led to significant productivity improvements and the rise of the textile and manufacturing sectors.
Railways and Steel (1840s-1890s): The expansion of railways facilitated transportation and trade, and the mass production of steel enabled the construction of infrastructure and machinery.
Electricity and Chemicals (1890-1940s): Widespread electrification revolutionized manufacturing, transportation, and communication, while the chemical industry produced new materials and products.
Cars and Petrochemicals (1940s-1990s): The mass production of cars transformed transportation and influenced urban development, while petrochemicals became essential for various industries.
Computers and Information Technology (1990s-present): The digital revolution is transforming communication and commerce, via the internet, mobile devices, and artificial intelligence.