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Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages
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--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
About the Author
- Item Weight : 12 ounces
- Paperback : 224 pages
- ISBN-10 : 1843763311
- ISBN-13 : 978-1843763314
- Dimensions : 6.25 x 0.75 x 9.25 inches
- Publisher : Edward Elgar Pub (April 26, 2003)
- Language: : English
- Best Sellers Rank: #244,584 in Books (See Top 100 in Books)
- Customer Reviews:
Top reviews from the United States
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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.
With this book in hand you will find yourself saying, "How could anyone have missed the Internet 'crash' of 2000?" Of course it had to happen. Then you will be asking yourself, "When will we get past the frenzied hype about these technologies so we can finally make all this really useful?" Just as Perez has been asking.
Throughout the 1980's and 1990's as a Wall Street analyst following technology companies, I regularly polled economists about the impact of computers and networks. At first there was no response. Later, we all began to hear about the "New Economy" and how everything had completely changed in economics. Yes, this was a pretty transparent attempt to rationalize stock valuations that had gone into orbit. In many ways it was even worse than no response at all.
It wasn't until I read Technological Revolutions and began to look into why mainstream economists have had so little to say about technology, that I learned there was a fight over all this in the 1930/40s. Many were involved but Harvard's Joseph Schumpeter who authored Business Cycles in 1938 putting technology at center stage- was among the losers. Future generations of economists rarely delved into Schumpeter's heterodoxy. Fortunately, Perez revives the Schumpeterian tradition with a powerful reinterpretation and combines economics and technology with a clear and convincing voice.
History is a pattern, not an endless repeating cycle but a distinct and discernable pattern. Perez has given us the outlines of that pattern, making all our jobs a great deal easier. Whether you're in the technology business or in finance or policy or just trying to make intelligent choices in a complicated world, you will benefit and learn from this book. What comes next is going to be important, on many levels, and understanding that in the past others successfully faced similar challenges - not just once but with each technological revolution -- should help to give us courage to face our own.
Top reviews from other countries
The current cycle that we are experiencing started in 1971, so depending on when you were born you might find this to be a revelatory text, explaining much of what has happened over the course of your life. In my case for example, as a 40 something, that's my entire life encapsulated as the 1st half of one cycle. Moreover, we are now at the most challenging and important part of the cycle when the fundamental underlying realities of our society need to be radically overhauled, primarily through intelligent governance. If you want to understand how the various power groups of the world are intersecting across the capitalist playing field, right now, this book is essential reading.