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The Kondratieff Waves describes the great cycles of economic development. It is based on a theory by Nikolai Kondratieff: the industrialized countries follow long-term cycles with a length of about 50 years. The term was coined by economist Joseph Schumpeter.

Groundbreaking inventions are the Triggers. The Kondratieff cycles can be attributed to following basic innovations:

  • 1st Kondratieff cycle: 1780-1800 to 1830-1850: steam engine, textile industry
  • 2nd Kondratieff cycle: 1830-1850 to 1880-1900: steel, railways
  • 3rd Kondratieff cycle: 1880-1900 to 1930-1940: electrical engineering, chemistry
  • 4th Kondratieff cycle: 1930-1940 to 1950-1980: automotive, petrochemical
  • 5th Kondratieff cycle: 1950-1980 to 2005-2010: Information Technology

Kondratieff waves is best featured article in November 2011.

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