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Meaning of Kondratieff wave

Kon•dra'tieff wave"

Pronunciation: (kun-drä'tē-ef", -tyuf), [key]
— Econ. Econ.
  1. a long business cycle of economic expansion and contraction, postulated to last about 60 years.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.