Carlota Perez

The Dynamics of Bubbles and Golden Ages

Technological Revolutions and Financial Capital

This work traces the long-term historical relationship between technical change and the behaviour of financial markets. Based on Schumpeter's theories of the clustering of innovations and with illustrations from the past two centuries, it explains 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 puzzling economic phenomena of our times.

Boris N. Kuzyk

Leonid E. Grinin

Andrey V. Korotayev

Askar A. Akaev

Brian J. L. Berry 

Valentina M. Bondarenko 

Tessaleno C. Devezas 

Claude Diebolt 

Sergey Yu. Glazyev 

Ruslan S. Grinberg

Bert de Groot 

Masaaki Hirooka 

Witold Kwasnicki 

Francisco Louçã 

Vladimir I. Mayevsky

Leo Nefiodow 

Sanjay Prasad 

Arno Tausch 

William R. Thompson 

Andrew B. Tylecote 

Yuri V. Yakovets 

This fourth issue of the Yearbook ‘Kondratieff Waves’ has the subtitle ‘The Spectrum of Opinions’, as its papers cover a whole range of problems. The Yearbook consists of three sections. The Introduction of this issue is dedicated to Nikolai Kondratieff's ideas which still are important to an analysis of the world economic situation. The first section (Long Waves in the Context of World Economy and Politics) includes five contributions devoted to the study of different spheres from economy to jihadism. The speeches of Kondratieff medal laureates are published in the second section (Kondratieff Medal: Winners' Speeches). It presents a very impressive collection of different views of well-known and young researchers. The last section (Reviews and Notes) includes Antony Harper's re view of Leonid Grinin, Andrey Korotayev and Arno Tausch's monograph ‘Economic Cycles, Crises, and the Global Periphery’ published by Springer International Publishing. This issue will be useful for economists, social scientists, as well as for a wide range of those interested in the problems of the past, present, and future of global economy and globalization.

The Spectrum of Opinions

KONDRATIEFF WAVES

Carlota Perez

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