In 1926, the Russian economist Nicolai Kondratiev published a book entitled “the long waves of the economy”. Then at the head of the Institute of the Conjuncture of Moscow, he puts forward an important statistical work which demonstrates the existence of long cycles in the capitalist economic dynamic. These long cycles, with an average duration of 48 to 60 years, largely explain the regularity of innovations, periods of growth and crisis, economic policies, wars and revolutions…
Over the past two decades, the role of fiscal and monetary policies has increased. Asset valuations have risen more…
