Cover of Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages

Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages

Carlota Perez looks at how advances in technology and the workings of financial markets have shaped one another over the last two centuries. Building on Schumpeter's idea that innovations arrive in clusters, she argues that each major technological revolution brings a change of economic paradigm and a new economy.

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These bursts of opportunity, concentrated in particular industries, also tend to produce speculative bubbles and financial crises. The book examines how the relationship between finance and productive capital shifts as new technologies emerge, spread and become part of the economy worldwide.

Its aim is to explain some of the puzzling economic patterns of our own era.

Audience
adult

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