Nikolai Kondratieff was a Russian economist who first advanced the idea that an industrial economy--be it free market or socialist--goes through long waves of growth and decline. He identified 40-60 year waves, going as far back as 1790, by studying the wholesale prices, interest rates, wages, and production. This book takes a serious look at Kondratieff's Wave Theory in light of current evidence and experience. Mager presents, for the first time, a comprehensive description of the long waves of economic expansion and contraction and outlines its cycles.