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Definition of 'Kondratieff Wave'
A long-term cycle present in capitalist economies that represents long-term, high-growth and low-growth economic periods. This theory was founded by Nikolai D. Kondratieff (also spelled "Kondratiev"), a Communist Russia era economist who noticed an approximately 50-year cycle in European agricultural commodity prices and copper prices. Kondratieff believed that these long cycles were a feature of the economic activity of capitalist nations, and that they involved periods of evolution and self-correction.
Also known as "Kondratiev waves", "supercylces", "K-waves", "surges" or "long waves".
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