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The financial crisis and the future of innovation: A view of technical change with the aid of history


  • Carlota Perez


This essay locates the current financial crisis and its consequences in a historical context. It briefly outlines the difference in patterns of innovation between the first two or three decades of each technological revolution .regularly ending in a major financial collapse. and the next two or three decades of diffusion, until maturity is reached. With this historical experience in mind, the essay discusses the opportunity space for innovation across the production spectrum taking into account the specificity of the Information and Communications Technology (ICT) paradigm and the increasing social and environmental pressures in the context of a global economy. Finally, there is a brief look at the sorts of institutional innovations that would be required to provide adequate finance to take full advantage of those opportunities.

Suggested Citation

  • Carlota Perez, 2010. "The financial crisis and the future of innovation: A view of technical change with the aid of history," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 28, TUT Ragnar Nurkse Department of Innovation and Governance.
  • Handle: RePEc:tth:wpaper:28

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    Cited by:

    1. Hallingby, Hanne Kristine, 2014. "Analysing standardisation processes as technology trajectories in the mobile ecosystem: Implications for competition and innovation," 20th ITS Biennial Conference, Rio de Janeiro 2014: The Net and the Internet - Emerging Markets and Policies 106858, International Telecommunications Society (ITS).
    2. Kohei Takahashi & Yuki Hashimoto, 2023. "Small grant subsidy application effects on productivity improvement: evidence from Japanese SMEs," Small Business Economics, Springer, vol. 60(4), pages 1631-1658, April.
    3. Francesco Bogliacino & Matteo Lucchese, 2011. "Access to finance for innovation: the role of venture capital and the stock market," ECONOMIA E POLITICA INDUSTRIALE, FrancoAngeli Editore, vol. 2011(4), pages 165-183.
    4. Bonnín Roca, Jaime & Vaishnav, Parth & Morgan, Granger M. & Fuchs, Erica & Mendonça, Joana, 2021. "Technology Forgiveness: Why emerging technologies differ in their resilience to institutional instability," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    5. Mariana Mazzucato, 2015. "From Market Fixing to Market-Creating: A New Framework for Economic Policy," SPRU Working Paper Series 2015-25, SPRU - Science Policy Research Unit, University of Sussex Business School.
    6. Hugh Goldsmith, 2014. "The Long-Run Evolution of Infrastructure Services," CESifo Working Paper Series 5073, CESifo.
    7. Theo C.M.J. van de Klundert, 2013. "Capitalism and Democracy," Books, Edward Elgar Publishing, number 15248.
    8. Percia David, Dimitri & Maréchal, Loïc & Lacube, William & Gillard, Sébastien & Tsesmelis, Michael & Maillart, Thomas & Mermoud, Alain, 2023. "Measuring security development in information technologies: A scientometric framework using arXiv e-prints," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    9. Doris Schartinger, 2013. "An institutional analysis of innovation in healthcare services," Chapters, in: Faïz Gallouj & Luis Rubalcaba & Paul Windrum (ed.), Public–Private Innovation Networks in Services, chapter 8, pages 197-227, Edward Elgar Publishing.

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