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Reading 1 Are we on the verge.docx

Reading 1 Are we on the verge.docx - Are we on the Verge of...

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Are we on the Verge of a New Golden Age? – Carlota Perez, Leo Johnson, Art Kleiner - History runs in cycles - World’s key decision makers must work together to help foster a new economic ‘golden age’ - We are currently in the age of the computer and the internet - All surges follow a broad pattern o First there is a wave of major new tech leading to dramatic changes in industrial production and daily life, funded by speculation and chasing rapid returns (installation) This leads to a bubble, which eventually pops, and leads to a crisis period called a turning point
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o A turning point can last between 2 and 17 years, often trying to be contained through financial regulation and stimulated production and employment o Third part of the cycle is stable economic growth (lasts for roughly 30 years), called deployment o The last stage is technological exhaustion, markets become over saturated, and we start over again from step one -
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