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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 seminal book sheds new
light on some of the most pressing economic problems of today. A
bold interpretation of how the changing relationship between
technological advances and financial capital shapes the patterns of
economic cycles, this path-breaking book will provide essential
insights for business leaders, policymakers, academics and others
concerned with managing change in the world economy.
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 seminal book sheds new
light on some of the most pressing economic problems of today. A
bold interpretation of how the changing relationship between
technological advances and financial capital shapes the patterns of
economic cycles, this path-breaking book will provide essential
insights for business leaders, policymakers, academics and others
concerned with managing change in the world economy.
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