In 1926, the Russian scientist Kondratieff published his observation that economic developments are characterized by alternating periods of prosperity and recession.
These cycles last for approximately 45 to 60 years. They run parallel to technological innovations.
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The 1st Kondratieff cycle began in the 18th century with the invention of the steam engine, which led to an upswing in the textile industry. However, economic development soon reached its limits.
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The 2nd Kondratieff cycle began in the mid-19th century with the invention of the railroad and the steel ship, which reduced transportation costs and connected major cities.
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The 3rd Kondratieff cycle started around 1900 with the development of electrical and chemical products. This cycle ended abruptly with the world economic crisis at the beginning of the 1930s.
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The 4th Kondratieff cycle began in the middle of the 20th century with the mass production of automobiles and aircraft. At the same time, petrol became more important as a source of energy, as did petrochemicals.
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The 5th Kondratieff cycle was characterized by enormous economic growth with an increased amount of information and knowledge. The prerequisite for this was the digital computer technology, but at the expense of an accelerating loss of interpersonal relationships.
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The 6th Kondratieff cycle is currently characterized by the improvement of interpersonal information flows. The focus of economic change is less on the production of goods but more on people.
However, humans are the weakest link in the information chain and are reaching their limits due to the high density of sensory input. Not only the professional world, but also the private sphere is increasingly determined by computer-based processes, the artificial intelligence (AI). It is to be feared that this development will lead to a danger to psychosocial and psychosomatic health.
