The Kondratieff Wave, by Shuman and Rosenau, gives a too-simple but understandable script. Most accounts fail to note the complexities of the wave's coincident international existence. Interest and inflation rates and stock and real estate prices are very low. Politicians shift from antigovernment policy to federalism. Few expect inflation, and none conceive of expanding without existing orders in hand, But there are always young turks.
Some young managers expand aggressively.
Society has fought deflation and depression for 20 years and has closed too much plant and capacity. Demand was pent up for too long. Folks are eager for houses and whatever they can afford. Government fiscal policies are expansive. Slowly the young turks get bailed out by mild inflation.