This paper develops a wave theory of political contestation, and places the current economic and political turmoil in a historical perspective. Based on legitimacy, it serves as an alternative to the waves of democratization of Samuel Huntington (1991). The theoretical framework is based on two main theories: the theory of long waves in political economics and the theory about state-legitimacy and fiscal crisis. In the first section, this paper gives a short overview of the different economic dynamics which over time have been incorporated in long wave theories, predominantly based on the works of Kondratieff (1979) and Schumpeter (1939), and puts the current economic situation in this perspective. The second part analyzes the general interdependency between long waves and politics, and the original criticisms of the endogenous model by Trotsky (1923). The third section considers long waves theories in politics, in particular Samuel Huntington's theory, and discusses the main criticisms of his theory. The fourth section analyzes the influence of the long wave upswing and downturn on state-legitimacy, and is based on the work of O'Connor (2001) and Habermas (1975). The fifth section combines the long wave's concept with legitimacy and protest against a long wave theory of political contestation and gives the first elements of some empirical evidence, comparing the political contestation in the thirties and today. The sixth section draws conclusions and takes a look on the need for further research
