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Comparison Of The Silicon Valley And The Fifth Kondratiev Cycle

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Silicon Valley and the Fifth Kondratiev Cycle
The Fifth Kondratiev cycle has been taking place since 1970 to present day. This cycle has shown times of incredible change and how technological networks have changed societies: New professions, industries have been replaced by new ones and long periods of long-term economic growth has resulted. The Fifth Kondratiev cycle shows inventions in the information technology and communications technology sectors. It is clear the areas of application are information and communication. This essay will examine how the Fifth Kondratiev has influenced the region Silicon Valley, California and how this region has undergone significant change during this cycle. It will also focus on key developments in Silicon Valley and the factors that have led to these developments and will study the impact of economic change.
Nikolai Kondratiev, a Russian economist, is best known for suggesting the theory that economies undergo cycles (50-60 years) of economic boom after periods of depression. He analysed worldwide economic data on output prices and wages and profits which led him to believe that since the Industrial Revolution, and events such as the Oil Crisis of 1973 and 1980 and the Long Depression of 1878, these cycles of roughly 50 years, showed an increase in economic activity. There are many causes of these cycles, for example, sudden bursts in innovation and high-tech markets, which opens new markets for products and investment opportunities in

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