Technological Revolutions and Financial Capital

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Carlota Perez's analysis of the rapid growth and diffusion of new technologies, particularly Information and Communications Technologies (ICT), serves as a crucial counterpoint to the overly optimistic narratives of the datacom era. Her work is accessible, well-presented, and engaging. In the early 1980s, Perez identified significant shifts in technology systems as "changes of techno-economic paradigm," a concept now widely recognized. This book offers fresh insights into the intricate processes of social, economic, and technological change, highlighting the interactions between financial capital and technological evolution—an aspect overlooked by Schumpeter's followers. It fills a vital gap in the literature on business cycles and innovations, making it essential for those seeking to understand the past and future of technology and the economy. Perez argues that technological revolutions occur with remarkable regularity, prompting predictable economic reactions. Her perspective sheds light on both historical patterns and contemporary issues, particularly during the current information revolution. The book reveals how the financial focus that characterized the 1990s has historically accompanied each technological wave, only to later shift back to production. By linking technology and finance, Perez provides a compelling interpretation of economic cycles, illustrated with examples from past industrial revolutions. This seminal