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Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages
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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 MagazineThis 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/internetgold-rush prior to 2001 and what could possibly lie ahead. --Morley Lipsett, Science and Public PolicyCarlota 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
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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
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Product details
Paperback: 224 pages
Publisher: Edward Elgar Pub (April 26, 2003)
Language: English
ISBN-10: 1843763311
ISBN-13: 978-1843763314
Product Dimensions:
6.2 x 0.8 x 9.2 inches
Shipping Weight: 12 ounces (View shipping rates and policies)
Average Customer Review:
4.4 out of 5 stars
29 customer reviews
Amazon Best Sellers Rank:
#76,366 in Books (See Top 100 in Books)
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.
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.
Highly recommended to anyone interested in understanding how finance, society, and technologies evolve and progress. While reading, I couldn't help but think that the introduction of bitcoin, some 38 years after Intel's microprocessor, may turn out to be the big bang that consummates the sixth technological revolution.
I bought my copy of this book a while back; I just ordered a copy for my father, a retired History Professor, after discussing its ideas with him. Technology is always changing, but there are some patterns in the interactions of technological changes with economic and social change that have been seen before and can help us better understand our own era and the near future. In particular, by studying the impact of the railway on the history of North America in the 19th century we can better understand the continuing impact of the Internet on our times. Carlota Perez has made fundamental contributions to our thinking about such patterns.
This book is a must-read. As someone who has been involved with computer/networking technology for over 30 years and high-tech finance for more than 20, I'm confident that there is nothing that surpasses this work in capturing the times in which we live. This book is simply a modern classic.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.
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.
Dr. Perez makes the very solid points that technology revolutions impart a pulsating character to economic growth. A technology revolution forms the basis for an "investment frenzy." When this has run its course, the economy faces a number of unpleasant possibilities, including serious recession, depression, and stagflation. The presence or absence of a technology-inspired investment boom is a crucial determinant of what result will follow from a given policy action. However, the state of technology is almost always ignored by policymakers. This may be a case wherein the lack of an easy way to deal with a problem leads to ignoring it.
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