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Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages, by Carlota Perez
Download Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages, by Carlota Perez
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'Carlota Perez's insightful analysis of the rapid growth and diffusion of new technologies in general, and Information and Communications Technologies (ICT) in particular, is a welcome antidote to the bullish and ahistorical hyperbole of the datacom era. . . Do read the book. It is important. It is accessible. It is well presented. It is also fun.'
- Raphie Kaplinsky, Technovation
'It was Carlota Perez in the early 1980s, who designated the major changes in technology systems, such as mechanization, electrification or computerization, as ''changes of techno-economic paradigm'' a designation which has since been widely adopted. In this book she offers many new insights into these complex processes of social, economic and technological change. She traces the interactions between that part of the economy commonly known as ''financial capital'' and the evolution of technologies. Although this was an important aspect of Schumpeter's original work, it has been neglected by his followers, so that the book fills an important gap in the literature on business cycles and innovations. I most strongly commend it to all those attempting to understand the past and future evolution of technology and the economy.'
- Christopher Freeman, SPRU - Science and Technology Policy Research, University of Sussex, UK and Maastricht University, The Netherlands
'Before I read this book I thought that the history of technology was - to borrow Churchill's phrase - merely ''one damned thing after another''. Not so. Carlota Perez shows us that historically technological revolutions arrive with remarkable regularity, and that economies react to them in predictable phases. Her argument provides much needed perspective not just on history, but on our own times. And especially on our own information revolution.'
- W. Brian Arthur, Santa Fe Institute, New Mexico
'This is a smashing book. It informs us that the emphasis on finance that marked the excesses of the 1990s has historically occurred with each great wave of new technologies, only to later shift the focus back to production. Fascinating. May the shift happen again soon.'
- Richard R. Nelson, Columbia University
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.
- Sales Rank: #45037 in Books
- Published on: 2003-04-26
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x 6.25" w x .75" l, .76 pounds
- Binding: Paperback
- 224 pages
Review
It [this book] is one of the most interesting histories of technology, if not the most informative, because it dwells on the dynamics of the technology/social/economic systems itself. . . Most tomes with theoretical goals like this are horribly dry, dense, wordy, and well. . .boring. This book is not. Perez writes with vigor, and grace, not taking an extra unneeded word, and not repeating herself. . . like a great many other seminal books, it is easily read by anyone truly interesting in how technology works. --Kevin Kelly, Wired Magazine
This book should be required reading in any senior - or graduate-level course on development economics, management of technology, S&T policy analysis and development, and related subjects. It will be of interest to policy analysts and developers, financial analysts, and others concerned with national, regional, local and global systems of innovation. Perez provides a fresh analysis of technological, financial and social booms and busts in an engaging and refreshing way. The book weaves a compelling new fabric of observation and theory, and shows that something can be done to learn from, anticipate, and deal constructively with, the tribulations of inter-linked technological, economic and social change. It does so concisely and in an idiom that bridges abstract economic theory with tangible human history and experience. If it is brought to their attention - as it should be - this compact book will give hope to those scholars, students and policy analysts who wonder what really happened in the cybertechnolgy/internet
gold-rush prior to 2001 and what could possibly lie ahead. --Morley Lipsett, Science and Public Policy
Carlota Perez s thoughtful book, Technological Revolutions and Financial Capital, does an excellent job of showing the interplay between innovation and capital markets. Her theory is based on Schumpeterian economics - change is more important than equilibrium - and substantial empirical data. Her frame work, if accurate, has direct implications for our economy today. --Michael J. Mauboussin, The Consilient Observer
From the Inside Flap
‘. . . Dr Perez has also provided a road map to relevance both for scholars and investors who, having survive the Great Bubble of 1999–2000, must needs concern themselves with what happens next.’ – William Janeway, Vice Chairman, Warburg Pincus, US and Founder, Cambridge [University] Endowment for Research in Finance, UK
‘It was Carlota Perez in the early 1980s, who designated the major changes in technology systems, such as mechanization, electrification or computerization, as "changes of techno-economic paradigm" a designation which has since been widely adopted. In this book she offers many new insights into these complex processes of social, economic and technological change. She traces the interactions between that part of the economy commonly known as "financial capital" and the evolution of technologies. Although this was an important aspect of Schumpeter’s original work, it has been neglected by his followers, so that the book fills an important gap in the literature on business cycles and innovations. I most strongly commend it to all those attempting to understand the past and future evolution of technology and the economy.’ – Christopher Freeman, SPRU – Science and Technology Policy Research, University of Sussex, UK and Maastricht University, The Netherlands
‘Before I read this book I thought that the history of technology was – to borrow Churchill’s phrase – merely "one damned thing after another". Not so. Carlota Perez shows us that historically technological revolutions arrive with remarkable regularity, and that economies react to them in predictable phases. Her argument provides much needed perspective not just on history, but on our own times. And especially on our own information revolution.’ – W. Brian Arthur, Santa Fe Institute, New Mexico
‘This is a smashing book. It informs us that the emphasis on finance that marked the excesses of the 1990s has historically occurred with each great wave of new technologies, only to later shift the focus back to production. Fascinating. May the shift happen again soon.’ – Richard R. Nelson, Columbia University, US
About the Author
Carlota Perez, Honorary Research Fellow, SPRU - Science and Technology Policy Research, University of Sussex, UK, Adjunct Senior Research Fellow, INTECH/UNU, Maastricht, The Netherlands, Visiting Scholar 2002, Cambridge University, UK and International Consultant and Lecturer on Change Strategies and Technology Policy, Eureka A.C., Caracas, Venezuela
Most helpful customer reviews
4 of 4 people found the following review helpful.
Bubbles are NORMAL!
By Scott A. Prost-domasky
That should be the title of this book! The author separates then documents the evolution, development, and finally, expiration of several technology bubbles, starting with the use of steam to power large mills in England in the late 1700s. Next came railroads, then steel, then mass production, and finally integrated circuits. Several subcycles can be identified in EACH major technology cycle--new technology (expensive but not widespread and largely self funded), the finance people see there is money to be made so start investing, they overinvest, a bubble bursts, financial carnage and major shifts in job and consumer markets occur, technology becomes cheaper as it becomes more widespread, finance people start to see successively smaller margins (profits that is) from that technology. A new technology is just starting to be developed, but the finance people don't see it and won't invest. Finally profits from the previous technology are all taken, the finance people wake up and see the potential to make profits from the new technology, the cycle repeats.
0 of 0 people found the following review helpful.
But overall it does provide a useful framework for the role of finance in the various ...
By Home Deep Peaux
I am really enjoying this book. Published in 2002, I wish she would update it for 2016.
But overall it does provide a useful framework for the role of finance in the various bubbles since the 1800s, at least the bubbles that were technology based.
Very accessible to an interested reader. A tad more than a modicum of economics background is all that is needed, but if you have much more, you'll not be bored either, I imagine.
I'm in a startup and as I read thru the various chapters, I am constantly analyzing about how our company and target market fit into this framework.
Useful thought exercises.
0 of 0 people found the following review helpful.
Good Content & message but a drudgery to read
By James D
Good content and message, but a drudgery to read. Carlota has extremely good information in her book, but she is verbose, pedantic and persnickety in her writing. Thus making is very difficult to read and absorb. It could be argued that her book is mostly targeted to the academic community; verbosity being a good and welcome attribute of her writing. I disagree. It is sad to see this great book written in such a way that puts its message out of grasp to larger audiences. Good content, bad communication.
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