THE THEORY OF LONG WAVES AND INSTITUTIONAL СHANGES: THE MEMORY OF GENERATIONS HYPOTHESIS
THE THEORY OF LONG WAVES AND INSTITUTIONAL СHANGES: THE MEMORY OF GENERATIONS HYPOTHESIS

Summary/Abstract: The article regards the main conceptions of the long Kondratiev wave and proposes the hypothesis that connects the length of the K-wave with change of generations. According to the article’s hypothesis, a major historical event (e.g. a war or a deep economic recession) that happens in a society at a given time t causes the creation of some institutions designed to mitigate the consequences of this event and avoid its recurrence in the future. With a change of generations, the historical memory about the t-event is weakening, and this leads to the erosion of mentioned institutions increasing risks of the emergence of similar events. So the article attempts to demonstrate that some problems faced by modern Western society can also be associated with the cycle described in the article.

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