Financial bubbles and economic crises

Document type
Paper
Author(s)
Carlota Perez; Jonathan Rutherford;
Publisher
Compass
Date of publication
5 June 2009
Series
Thinkpiece; 51
Subject(s)
Social Policy
Collection
Social welfare
Material type
Reports

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In this paper Carlota Perez, an influential thinker on the social and economic impact of technical change, discusses the cycles of technological innovation and financial turbulence. According to Perez, there have been five distinct great surges of development in capitalism, the current one being the Age of Information and Telecommunications. Each surge has phases and we are now in the most important phase of the current surge. After the financial crash, this Turning Point is a time for rethinking and reshaping the future and the outcome will define the particular mode of growth over the next two or three decades.

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