2014 Reprint of 1935 English Translation. Full facsimile of the original edition. Not reproduced with Optical Recognition Software. Originally published in 1926, Kondratieff's theory claims that the period of the wave ranges from forty to sixty years, and that the cycles consist of alternating intervals of high growth with slower growth. Unlike the short-term business cycle, the long wave of this theory is t accepted by current mainstream ecomics. In 1939, Joseph Schumpeter suggested naming the cycles Kondratieff waves in his hor and the term has stuck. The theory has had more influence with critics of the modern ecomic system than with its defenders, but remains relevant to this day.