Kondratieff Cycles and the Monetary System

This paper deals with the question of whether there is a relationship between Kondratieff cycles and changes in the global monetary system. We use the model of the well-known Kondratieff scientist Carlota Perez to examine this relationship. It has been observed that at the beginning of the third, fourth, and fifth Kondratieff cycles, a significant change in the monetary system occurred. At the beginning of the third Kondratieff (approximately 1875), most important nations in the world accepted the Gold Standard as the new monetary order. Another key finding of the paper is that 15 to 20 years before a shift in the monetary system, there was an academic discussion about a possible change, because the current system had disadvantages.