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

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  • Carlota Perez

Abstract

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 School of Innovation and Governance.
  • Handle: RePEc:tth:wpaper:28
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    References listed on IDEAS

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    1. Bengt-åke Lundvall & Jan Vang & K.J. Joseph, 2009. "Innovation System Research and Developing Countries," Chapters,in: Handbook of Innovation Systems and Developing Countries, chapter 1 Edward Elgar Publishing.
    2. Slavo Radosevic, 2009. "Policies for Promoting Technological Catch Up: Towards a Post-Washington Approach," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 1(1), pages 23-52, June.
    3. Ádám Török, 2007. "Industrial Policy in the New Member Countries of the European Union: A Survey of Patterns and Initiatives Since 1990," Journal of Industry, Competition and Trade, Springer, vol. 7(3), pages 255-271, December.
    4. Michael E. Porter, 2000. "Location, Competition, and Economic Development: Local Clusters in a Global Economy," Economic Development Quarterly, , vol. 14(1), pages 15-34, February.
    5. David Bailey & Lisa de Propris, 2004. "A Bridge Too Phare? EU Pre-Accession Aid and Capacity-Building in the Candidate Countries," Journal of Common Market Studies, Wiley Blackwell, vol. 42(1), pages 77-98, February.
    6. Bennett, Colin J., 1991. "What Is Policy Convergence and What Causes It?," British Journal of Political Science, Cambridge University Press, vol. 21(02), pages 215-233, April.
    7. Luc Soete, 2007. "From Industrial to Innovation Policy," Journal of Industry, Competition and Trade, Springer, vol. 7(3), pages 273-284, December.
    8. Rainer Kattel & Jan A. Kregel & Erik S. Reinert, 2009. "The Relevance of Ragnar Nurkse and Classical Development Economics," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 21, TUT Ragnar Nurkse School of Innovation and Governance.
    9. Radosevic, Slavo, 1999. "Transformation of science and technology systems into systems of innovation in central and eastern Europe: the emerging patterns and determinants," Structural Change and Economic Dynamics, Elsevier, vol. 10(3-4), pages 277-320, December.
    10. Erik S. Reinert & Rainer Kattel & Margit Suurna, 2009. "Industrial Restructuring and Innovation Policy in Central and Eastern Europe since 1990," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 23, TUT Ragnar Nurkse School of Innovation and Governance.
    11. Slavo Radosevic, 2004. "A Two-Tier or Multi-Tier Europe? Assessing the Innovation Capacities of Central and East European Countries in the Enlarged EU," Journal of Common Market Studies, Wiley Blackwell, vol. 42(3), pages 641-666, September.
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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. 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.

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