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A tensão permanente entre expansão e crise do capitalismo: as revoluções tecnológicas e as bolhas financeiras

Author

Listed:
  • Rubem Polo Costa Mafra

    (Universidade Federal de Minas Gerais – UFMG)

  • Márcia Siqueira Rapini

    (Cedeplar-UFMG)

  • Tulio Chiarini

    (Instituto Nacional de Tecnologia - INT)

Abstract

Starting from the concept of techno-economic paradigms developed by Freeman and Perez (1988) and by the articulation between productive and financial capital (Perez, 2002) in the consolidation of each Technological Revolution, this paper articulates innovation and financial bubbles. In the first four Technological Revolutions - Era of Mechanization; Era of Steam and the Railways; Era of Heavy Engineering, Steel and Electricity; And Oil, Automobile and Mass Production - the financial capitalwas responsible for economic speculation related to innovations and to the construction of a new industrial infrastructure.Productive capital took a lead in the construction of industrial infrastructure from the strong speculation and the detachment of real economy asset prices, that is, from the generation of a financial bubble. In contrast, a fifth Technological Revolution - the Microelectronic Era - has altered the dynamics of previous technological revolutions: the financialization of the economy changed the logic of the relationship between productive and financial capital. In other words, productive capital did not overlap with financial capital, which can be explained by profound structural transformations.

Suggested Citation

  • Rubem Polo Costa Mafra & Márcia Siqueira Rapini & Tulio Chiarini, 2017. "A tensão permanente entre expansão e crise do capitalismo: as revoluções tecnológicas e as bolhas financeiras," Textos para Discussão Cedeplar-UFMG 554, Cedeplar, Universidade Federal de Minas Gerais.
    • Handle: RePEc:cdp:texdis:td554
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    More about this item

    Keywords

    Technological revolutions; Financial bubbles; Capitalism crises;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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