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Goodreads helps you keep track of books you want to read. Want to Read saving…. Want to Read Currently Reading Read. Other editions. Enlarge cover. Error rating book. Refresh and try again. Open Preview See a Problem? Details if other :. Thanks for telling us about the problem. Return to Book Page. Carlota Perez draws upon Schumpeter's theories of the clustering of innovations to explain why each technological revolution gives rise to a paradigm "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.
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. Get A Copy. Paperback , pages. More Details Original Title. Other Editions 2. Friend Reviews. To see what your friends thought of this book, please sign up.
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Lists with This Book. Community Reviews. Showing Average rating 4. Rating details. More filters. Sort order. May 11, Justin Mares rated it it was amazing. This was an exhausting read. I found the book really, really hard to get through, as it was almost like reading a textbook.
That said, the information in this book is critically important for anyone interested in innovation and investment cycles. It's already changed a lot of the way I think about innovation and investment. Overall, very worth reading - just set aside hours on afternoon and approach it like you would a study project in college.
Feb 17, Ashraf Alhashim rated it it was ok. View all 3 comments. Jul 30, Jose Papo rated it it was amazing. This is one of the best books I read this year. The author goes to explain the cycles of innovation inside capitalism and how the technological revolutions are helped by Financial Capital and how the cycle always have some kind of shakeup.
Te author relates also those trends with their social aspects and the disruption they brought to the social fabric. The author traces five boom-and-bust cycles of technological innovation: the industrial revolution; steam and railways; steel, electricity and heavy engineering; oil, cars and mass production; and information technology and telecommunications.
Each innovation took two to three decades to complete on those four phases, including a period of frenetic investment culminating in a financial bust. The transitions entailed significant social and economic transformation not only in financial innovation but in society, law, regulatory framework, corporate structure and governance, and public expectations.
Aug 03, Deniss Ojastu rated it it was amazing Shelves: society-development , favorites. Very interesting perspective on how economic growth and decline periods are related to great technological inventions and their role in shaping societies.
Everything is repeating, phase after phase. The role of financial capitals - loans, stock markets etc - is analysed in depth in the book, depicting in a very coherent manner how at times financial agents are treated as the main force behind the growth, yet at other time - as "evil genius". Great analysis on how the mix of technological innovat Very interesting perspective on how economic growth and decline periods are related to great technological inventions and their role in shaping societies.
Great analysis on how the mix of technological innovations and the race for profits among financial agents can both result in long periods of economic stability as well as financial collapses. Dec 18, Claude Rochet rated it it was amazing. Excellent and exceptionnal.
Nov 03, Rajesh Kandaswamy rated it it was amazing. An excellent book that explains how technological revolutions occur, the phases that make it and the role of finance in it. The thesis is based on five technological resolutions since the onset of industrial age, each roughly running half a century. The first half on the phases are the most useful. Mar 26, Andrew rated it it was amazing Shelves: favorites. Perez articulates a simple but powerful template for technological innovation and the adoption cycle.
The stylized model that she presents is both general enough to describe commonalities between all such cycles, and specific enough in that it recognizes the variance in how economic phenomena actually transpire.
The model consists of four phases — irruption, frenzy, synergy, and maturity — and deftly describes the tension between agents of technological change, the real economy, the financial or Perez articulates a simple but powerful template for technological innovation and the adoption cycle.
The model consists of four phases — irruption, frenzy, synergy, and maturity — and deftly describes the tension between agents of technological change, the real economy, the financial or "paper" economy, and sociopolitical institutions at the various stages between the introduction and deployment of new technological paradigms.
Where Kindleberger's book felt very much like a dry catalog of financial crises, Perez builds upon his work, providing an analytic framework for understanding their fundamental underpinnings and forming the foundation for Janeway's "Doing Capitalism". Consequently, I'd recommend reading Kindleberger, Perez, and Janeway in that order — to get basic historical literacy, form a coherent analytic framework, and understand the practitioner's perspective, respectively.
Apr 29, Alex Daifotis rated it liked it. Very mixed feelings about this one. Definitely a powerful set of ideas and intuitions, but it felt painfully, and I mean excruciatingly painfully self-congratulatory.
I'm happy I got the ideas but this could have been a long article rather than a book, and the quality of the historical case studies felt low to me. Underwhelmed overall. Mar 08, Monik Sheth rated it really liked it. Aug 01, Jon C. Changed the way I look at the world. Automatic five stars. Plus graphs and tables so you can pretend you read if you didn't! Feb 28, Stephen Muench marked it as someday-maybe Shelves: finance , startup , business.
Jun 29, Stuart Berman rated it it was amazing Shelves: history , business , innovation , technology , economics , politics. Confused by the social turmoil we see around us today? You think you know why? Do you know we have been seeing this cycle for around years? Do you think 'business cycles' are bad or need to be prevented? E Confused by the social turmoil we see around us today? Each cycle is divided into two halves, the first is described as 'the Installation Period' where technological innovation is adopted and the seconds as 'the Deployment Period' where technological innovation is brought into the mainstream.
The transition between periods she calls a 'Turning Point' and historically represents the time of greatest social and institutional turmoil. She looks at three spheres of change that dynamically interact to make up these cycles: Economic Change the financial capital systems she understands as an economist ; Technological Change the scientific innovation applied to production systems ; and Institutional Change socio-political reactions.
Each period is also divided into two parts: The installation period consists of the Irruption Phase and the Frenzy Phase. In the current cycle she refers to as Age of Information and Telecommunications we see this beginning in with the wide spread adoption of electronics into every part of our personal and business lives.
Later in the Frenzy Phase we see the wild financial speculation leading to the various bubble bursts such as the 'dot com' and housing bubbles. The book was written in This is where income inequality is most observable as people's skills sets are required to change to meet the new technological changes.
Some have gotten very wealthy from these changes, such as Google, Facebook and Amazon founders as well as the investors. In the synergy phase we are seeing productivity being harnessed from innovation, today we can readily see that in the areas of cloud computing, Internet of Things e.
Apple Watches and smartphones , big data and artificial intelligence and ubiquitous networking and edge computing as 5G is being heralded. As the society and technology enters into a mature period the easy profits have been made and capital is fining it hard to find new investments in the former innovation.
At this point we start all over again with new innovation that had been largely ignored in the former 'Age'. Some important quotes from the book that give us a glimpse into the near future: "The current revolution presents what might be an even greater challenge for the financial world. To begin with, knowledge, experience and information have become capital goods.
This time, it is not the way of purchasing that defines them as such, but the fact that - although intangible - they can create new value, which can also be intangible. Thus arrives Maturity [? The workers organize and demand, sometimes very actively, the benefits that had been promised and not delivered.
Bubbles, Golden Ages, and Tech Revolutions
Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support? 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. 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: The Dynamics of Bubbles and Golden Ages
Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages is an academic book by Carlota Perez that seeks to describe the connection between technological development and financial bubbles as seen in the emergence of long term technology trends. The book identifies five bursts of technological innovation that have occurred in industrial history. Carlota Perez has found that these cycles of technological revolutions are coupled with financial cycles. Each cycle, which may take 50 - 60 years, consists of the following four phases:  .
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