A Kondratieff Wave refers to 40 to 60 years cycles experienced by capitalist economies.

Kondratieff Cycles and long waves of prosperity (Riddhi Sheth Dash)

Economists have identified 5 Kondratieff Waves since the 18th century.

  1. The first resulted from the invention of the steam engine and ran from 1780 to 1830.
  2. The second cycle arose because of the steel industry and the spread of railroads, and ran from 1830 to 1880.
  3. The third cycle resulted from electrification and innovation in the chemical industry, and ran from 1880 to 1930.
  4. The fourth cycle was fueled by autos and petrochemicals, and lasted from 1930 to 1970.
  5. The fifth cycle was based on information technology and began in 1970 and ran through the present, though some economists believe we are at the start of a sixth wave that will be driven by biotechnology and healthcare.

For all his troubles, the Russian economist Nikolai Dmitriyevich Kondratiev was killed by a firing squad in 1938.

[Via Investopedia]

Dry and wry.

James was renowned for his pithy turns of phrase. He once likened Arnold Schwarzenegger to “a brown condom full of walnuts” and said motor racing commentator Murray Walker sounded “like a man whose trousers are on fire”. He was equally waspish when describing Dame Barbara Cartland, whose eyes he said “looked like the corpses of two small crows that had crashed into a chalk cliff”.

“Common sense and a sense of humour are the same thing, moving at different speeds,” was another of his famous quotes.

Clive James: Australian broadcaster and author dies aged 80

Beats & Pieces 13/9.