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

Rubem Mafra, Marcia Rapini () and Tulio Chiarini
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Rubem Mafra: Universidade Federal de Minas Gerais – UFMG

No 554, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

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.

Keywords: Technological revolutions; Financial bubbles; Capitalism crises (search for similar items in EconPapers)
JEL-codes: O30 O31 O33 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2017-05
New Economics Papers: this item is included in nep-ene, nep-his and nep-hme
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