The agrarian economist who discovered long economic waves
In 1924, during a government research trip through Germany, Britain, Canada and the United States to study the organisation of agricultural production in developed capitalist countries, he met Pitirim Sorokin, who urged him not to return to the USSR; Kondratiev chose to go home.
Russian and Soviet economist, born on 4 (16) March 1892 in the village of Galuevskaya, Kineshma uyezd, Kostroma guberniya, into a large peasant family as the eldest of ten children. Founder of the theory of long economic cycles known as Kondratiev waves; he joined the Socialist Revolutionary Party in 1905, was arrested in 1906 and imprisoned, and graduated from the Petersburg University law faculty in 1915. In 1917 he was Kerensky's agriculture secretary and Deputy Minister of Food; during NEP he founded the Conjuncture Institute, directed it until 1928, and led the drafting of the 1923–1928 long-term agricultural plan. In 1927 his Critical Notes pointed to the imbalance of the first five-year plan; he was dismissed in April 1928, arrested in 1930, sentenced in 1932 to eight years, and executed on 17 September 1938 by sentence of the Military Collegium of the USSR Supreme Court.
Activities and affiliations
Career Timeline
- 1905–1917Active in the Socialist Revolutionary Party, arrested and imprisoned under the Tsar
- 1915Graduated from Petersburg University law faculty, published first monograph
- 1917Kerensky's agriculture secretary, Deputy Minister of Food, Constituent Assembly deputy
- 1920–1928Founding director of the Conjuncture Institute, researched world economic cycles
- 1923–1928Led drafting of the first agricultural five-year plan in Narkomzem and Gosplan
- 1925Published Big Cycles — formalized Kondratiev wave theory
- 1928–1930Criticized first five-year plan imbalances, dismissed, arrested
- 1938After 8 years in prison, shot at Kommunarka
Related historical events
- 1905–1907The Revolution of 1905SR member activity
- 1921–1928The New Economic Policy (NEP)Agrarian economistAn economist who studied agrarian markets and business cycles under NEP.
- 1928–1937The Five-Year Plans and the Soviet TransformationDesigner and critic of the agricultural five-year planAt Narkomzem and Gosplan he led the drafting of the first agricultural five-year plan (1923–1928), but in his 1927 'Critical Notes on the Plan for the Development of the National Economy' he identified the imbalances in the first five-year plan and predicted food shortages. For this critique he was branded 'Kondratievshchina,' dismissed in 1928, and arrested in 1930.
- 1937–1938The Great PurgeTargetThe economist known for long-wave cycles, executed in 1938 after imprisonment.
The Kondratiev Wave Theory
In his 1925 paper 'Big Cycles of Conjuncture,' Kondratiev argued that capitalist economies trace long waves of roughly 50–60 years. Using price, interest rate, wage, trade, and output data from Britain, France, Germany, and the United States spanning the 19th and early 20th centuries, he empirically identified a wave pattern of three phases: expansion, downturn, and depression. The first two waves he identified ran 1790–1849 (turning point around 1815) and 1850–1896 (turning point around 1873); a third wave, he proposed, began around 1896.
He held that social upheavals such as wars and revolutions arise from the tensions of the ascendant phase (intensified competition for markets and raw materials) and pointed to the replacement cycle of large-scale fixed capital (canals, railways, etc.) as a causal mechanism. His theory was attacked by contemporary Marxists for allegedly denying capitalism's 'chronic crisis,' but in 1939 Joseph Schumpeter introduced the term 'Kondratieff waves' in his Business Cycles, bringing the concept into Western economics. The theory was later reassessed by Ernest Mandel, Eric Hobsbawm, and others, and continues to be debated in economic history and futures studies alongside explanations based on technological innovation clusters, demographic shifts, and credit cycles.
Repression, Prison and Rehabilitation, 1930–1987
In 1927 criticism of Kondratiev's ideas began and quickly turned into political persecution of him as the 'ideologist of the kulaks'; on 19 April 1928 he was removed from his post. On 19 June 1930 he was arrested on the charge of creating and leading the non-existent 'Peasants' Labour Party' (Трудовая крестьянская партия), the case later known as the 'Peasants' Labour Party' affair.
On 26 January 1932 the OGPU collegium sentenced him to eight years' imprisonment, and from February he served the term in the Suzdal political isolator. In the first period of his imprisonment he continued to work actively and exchanged letters with his wife and daughter. The Suzdal Letters, published in 2004 after the dissolution of the USSR, is a volume of nearly 900 pages collecting letters to his wife, memoirs and the economic calculations he did in confinement; his letter of 11 July 1934 mentions a formula confirmed by British and American data. His health, however, worsened every year. In a letter of 29 November 1933 he contrasted his relatively cloudless early life with the blows that followed; after seven years in the political isolator he could barely see, moved with difficulty and suffered severe headaches. He wrote of four years of illness and exhaustion and of his fear of having become in large part an intellectual invalid. He nonetheless planned five new books, and his last letter, to his daughter Elena, was sent on 31 August 1938.
On 17 September 1938 the Military Collegium of the USSR Supreme Court sentenced him to be shot, and he was executed the same day. His relatives were told only that he had been condemned to 'ten years without the right to correspond with the outside world'; the execution and the Kommunarka burial place became known only much later. In prison he had also faced a second charge of leading the 'Peasants' Labour Party' and continuing counter-revolutionary activity in the Suzdal prison.
Rehabilitation came only decades later, in two stages. In May 1963 he was rehabilitated together with L. N. Yurovsky, but this was not publicised in the USSR, and Soviet economics continued to denigrate his works until 1987. A second rehabilitation, together with A. V. Chayanov, took place on 16 July 1987. A memorial plaque stands at the Spaso-Evfimiev Monastery in Suzdal, a monument was erected in his native village of Galuevskaya, and in 2013 a film-play based on his surviving notebooks of letters to his daughter was staged. His 1927 memorandum to V. M. Molotov was published in 1989.