"Technological Revolutions and Financial Capital" presents a novel
interpretation of the good and bad times in the economy, taking a
long-term perspective and linking technology and finance in an original
and convincing way. Carlota Perez draws upon Schumpeter's theories of
the clustering of innovations to explain why each technological
revolution gives rise to a paradigm shift and a "New Economy" and how
these "opportunity explosions", focused on specific industries, also
lead to the recurrence of financial bubbles and crises. These findings
are illustrated with examples from the past two centuries: the
industrial revolution, the age of steam and railways, the age of steel
and electricity, the emergence of mass production and automobiles, and
the current information revolution/knowledge society. By analyzing the
changing relationship between finance capital and production capital
during the emergence, diffusion and assimilation of new technologies
throughout the global economic system, this book sheds light on some of
the most pressing economic problems of today.
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Revolutionary Cycles and the History of Financial Bubbles w/Carlota Perez
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