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Kondratieff wave
A 50 year-long business cycle, named after Nikolai Kondratieff, a Russian economist. He claimed to have identified cycles of economic activity lasting half a century or more in his 1925 book, The Long Waves in Economic Life. Because this implied that capitalism was, ultimately, a stable system, in contrast to the Marxist view that it was self-destructively unstable, he ended up in one of Stalin's prisons, where he died. Alas, there is little hard evidence to support Kondratieff's conclusion.
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- Part of Speech: noun
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- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
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