http://en.wikipedia.org/wiki/Kondratiev_wave "Kondratieff identified three phases in the cycle: expansion, stagnation, recession. More common today is the division into four periods with a turning point (collapse) between the first and second two. Writing in the 1920s, Kondratieff proposed to apply the theory to the 19th century: 1790 – 1849 with a turning point in 1815. 1850 – 1896 with a turning point in 1873. Kondratieff supposed that in 1896, a new cycle had started." Discuss.
