Economic Waves, Crises and Profitability Dynamics of Enterprises: A Review in the Context of Kondratieff, Schumpeter and Mandel Approaches

In the historical development of the capitalist system, long waves have played a fundamental role in sustaining its dynamic structure. Among the factors influencing the formation of these waves, various socio-economic and political events such as financial crises, wars, famines, and pandemics stand out. Periodically occurring crises in capitalist economies have led economists to investigate their causes and effects; in particular, the repercussions of these crises on the socio-economic balances of the social structure and their reflections on business profitability have constituted a broad area of research. In this context, long waves and crisis cycles hold significant importance in the analysis of economic growth and stagnation processes. This study examines economic waves within the theoretical frameworks of Mandel, Schumpeter, and Kondratieff, and compares these approaches in terms of the main factors influencing the waves. While Kondratieff's long wave theory posits the regular recurrence of periods of economic stagnation and revival, inferences are provided on how contemporary crises such as the COVID-19 pandemic, global inflation, and geopolitical tensions affect corporate cost and revenue structures. Schumpeter, on the other hand, explained these cycles through technological innovations and entrepreneurial activities, with attention drawn to the effects of new technological waves like artificial intelligence and green transformation on companies' operational efficiency and competitiveness. Mandel focused on the decisive role of capitalist production relations and class struggles in this process, emphasizing the pressures of global supply chain fragilities and trade wars on corporate profitability. As a result, this study thoroughly examined the effects of long waves on economic and social dynamics through these approaches, particularly how they shape the profitability and sustainability of businesses, and revealed how the capitalist system is re-shaped by crises. This study interprets current developments and firm profitability for economic waves, highlighting the effectiveness of these theories in explaining contemporary events.