Table 5

Table 5. The four Kondratiev cycles from 1785 to 2000+, showing the duration of the four phases and the dominant new technologies or industries in each cycle

Kondratiev
cycle Recovery Prosperity Recession Depression Dominant new technologies or industries Duration
(years)

1 1785–1815 1815–1825 1825–1840 steampower, textiles 55+

2 1840–1860 1860–1873 1873–1886 1886–1896 coal, steel, railroads 56

3 1896–1905 1905–1920 1920–1929 1929–1937 oil, electricity, chemicals, automobiles 41

4 1937–1948 1948–1970 1970–1990? 1990?–2000? aircraft, electronics, computers,
control systems, rockets and missiles 63+

Source: adapted from De Greene (1993)
Kondratiev upwave consists of the recovery and prosperity phases
Kondratiev downwave consists of the recession and depression phases


Kondratiev cycle	Recovery	Prosperity	Recession	Depression	Dominant new technologies or industries	Duration (years)

1		1785–1815	1815–1825	1825–1840	steampower, textiles	55+
2	1840–1860	1860–1873	1873–1886	1886–1896	coal, steel, railroads	56
3	1896–1905	1905–1920	1920–1929	1929–1937	oil, electricity, chemicals, automobiles	41
4	1937–1948	1948–1970	1970–1990?	1990?–2000?	aircraft, electronics, computers, control systems, rockets and missiles	63+