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Carlota Perez Technology-Development 1

Carlota Perez Technology-Development 1

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Tekno-Ekonomi, Konsep Teknologi
Tekno-Ekonomi, Konsep Teknologi

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Categories:Types, Research, Science
Published by: Dr. Ir. R. Didin Kusdian, MT. on Mar 27, 2010
Copyright:Attribution Non-commercial

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03/26/2010

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chapter title1
PART ONE
Technological Revolutionsas Successive Great Surges of Development
 
Technological Revolutions and Financial Capital2
 
3The Turbulent Ending of the Twentieth Century
On a day like any other in November 1971, a small event in Santa Clara Cali-fornia was about to change the history of the world. Bob Noyce and GordonMoore launched Intel’s first microprocessor, the precursor of the computer ona chip. It was the big-bang of a new universe, that of all-pervasive computingand digital telecommunications. Chips were powerful, they were cheap andthey opened innumerable technological and business possibilities.At that time not many people had heard of venture capital or ‘angels’. Thoughmany common citizens in the USA had stocks and bonds, few followed thedaily changes in the stock market. The word ‘derivative’ was generally con-fined to mathematics. Most middle-class people kept their money in the bank or in the savings and loan society and the self-made millionaires, although acore element of the American dream, were few and far between. In the de-cades to follow, all this was to change radically. Millionaires would aboundand finance was to become the central concern of people with old and newwealth. By the end of the 1990s, even people with modest salaries had turnedinto hopeful ‘investors’.Henry Ford had been the central character in a similar event in 1908. Thelow-cost Model-T, with its internal combustion engine powered by cheap gaso-line, was the
big-bang
opening the world of the automobile and of mass pro-duction and mass consumption.By the mid-1920s, the New York Stock Market was perceived as the enginemoving the American economy and even the world’s. As was to happen later,in the 1980s and 1990s, financial geniuses appeared by the dozens and invest-ment in stocks or real estate seemed almost guaranteed to grow and grow in anunending bull market. Great wealth for the players was the result; irrationalexuberance was the mood. By the end of the 1920s even widows, small farm-ers and shoe-shine boys were putting their money into that glorified casino.The crash was unexpected; the following recession and depression were ex-ceptionally deep and prolonged.This sequence had happened three times before in a similar – though eachtime specific – manner. A decade after the first industrial revolution openedthe world of mechanization in England and led to the rapid extension of thenetwork of roads, bridges, ports and canals to support a growing flow of trade,there was canal mania and, later, canal panic. About 15 years after the Liverpool–
1.The Turbulent Ending of the TwentiethCentury
3

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