Nikolai Kondratiev was a Soviet Union economist. He was popular for his economic cycle theory called Kondratieff Wave. This economic wave is defined as the intervals of evolution believed to correct itself. This cycle is caused due to technological invention that leads to an extended time of wealth.
According to him, this period started during the steam engine invention, from the 1780s to the 1830s. He concluded that Western economies have generally followed a cycle of forty to sixty years or to be specific fifty four years exactly.
The Multilateral System of Genetic Sharing project was sponsored by the United Nations to establish the sharing of genetic resources for plants used for food.
An International treaty on plant genetic resource system for food and agriculture (ITPGRFA) is offered by the UN
<u>Explanation:</u>
The ITPGRFA came up with the agreement in harmony with biodiversity and for sustainable food security at the international level.
This is also called as the international seed treaty this treaty consists of 35 articles in the 7 parts.
It established the structure to implement its provisions and also established the multilateral system to share the benefit with the important crops.
