An economic theory that states that Western capitalist economies are susceptible to extreme performance volatility as they expand and contract over the years. In contrast with what is referred to as the business cycle, the Kondratieff Wave (1935, Rev. Econ. Stats 17) holds that these fluctuations are in fact part of much longer cycles known as ‘super cycles’ that last between 50 or 60 years or longer depending on factors such as technology, life expectancy, etc. and thus must be examined over their entirety to be best understood (2012 Platform Economic Geography is strongly recommended).

Each cycle lasts 50–60 years and goes through development and boom to recession. The first cycle was based on steam power, the second on railways, the third on electricity and the motor car, and the fourth on electronics and synthetic materials. I think there is now a fifth cycle, based on knowledge. Alas, Smith (2003) PHG 27, 1 calls the Kondratieff cycle one of the ‘big and spectacular accounts of the world’, exaggerated in order to simplify, pretending that the partial is the whole.