Kondratiev Waves are long-term economic cycles that last approximately 50 to 60 years, identified by Russian economist Nikolai Kondratiev in the 1920s. These waves are characterized by periods of economic growth followed by downturns, reflecting the rise and fall of technological innovations and their impact on productivity and economic structures. The cycles typically consist of four phases: expansion, crisis, recession, and recovery. Each wave is driven by major technological advancements, such as the steam engine or the internet, which reshape industries and create new economic opportunities, ultimately leading to shifts in global economic patterns.