Word: kondratieff
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Dates: during 1978-1978
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...Kondratieff Upswing...
With the best of intentions, you inverted my views by 180° [July 31]. I believe that the world economy entered in 1972 the fifth Kondratieff upswing, not a downswing. At the core of this upswing is the prospect that the prices of energy, food, raw materials will fluctuate in a relatively higher range than in the previous downswing (1951-72). We shall have to try dealing with inflation more seriously than we now are. On the other hand, the Kondratieff upswing requires greatly enlarged investments in energy production and conservation, transport, water conservation and development, pollution control. When economists...
...strong, sustained expansion from 1948 until the oil price increases of 1973 has given way to a period of sluggishness and high inflation. Walt W. Rostow, who was one of Lyndon Johnson's chief aides, argues that the world has begun a new downward turn on the Kondratieff Cycle. In the 1920s Russian Economist N.D. Kondratieff theorized that capitalist economic development proceeds in up-and-down waves of 50 to 60 years each, which are determined by the confluence of invention, investment and trade. As Rostow explains it, the elements that caused the postwar boom (rapid technological advances, expanding...
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