KONDRATIEFF WAVE

A cycle that describes long-term, high-growth, and low-growth economic periods. This was formulated by Nikolai Dmitrijewitsch Kondratieff (surname also spelled as Kondratiev), a Communist Russia era. He noted the almost 50-year economic cycle in European agricultural commodity and copper prices. He also believed these cycles were a property of the economic activity of capitalist nations, and involved in evolution and self-correction periods.