The peak of the first wave above, 1810/17 encompasses the peak in Europe and the UK following the Napoleonic Wars and the peak in the US following the War of 1812. The peak of the third wave reflects some disagreement as to whether one uses the peak of prices after WWI or whether one follows Kondratieff's original peak just before WWI. The trough after WWI is not specified. If one holds a monetary view of the longwave, the trough is dated with the trough of prices in the early 'thirties. If one holds a real theory of longwaves, the trough did not occur until WWII. The latter view is given, for example, by Eric von Baronov.