A tensão permanente entre expansão e crise do capitalismo: as revoluções tecnológicas e as bolhas financeiras
Márcia Rapini and
Additional contact information
Rubem Mafra: Universidade Federal de Minas Gerais – UFMG
Márcia Rapini: Cedeplar-UFMG
Tulio Chiarini: Instituto Nacional de Tecnologia - INT
No 554, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais
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)
New Economics Papers: this item is included in nep-ene, nep-his and nep-hme
References: Add references at CitEc
Citations Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:cdp:texdis:td554
Ordering information: This working paper can be ordered from
Cedeplar-FACE-UFMG Av. Antonio Carlos, 6627 Belo Horizonte, MG 31270-901 Brazil
Access Statistics for this paper
More papers in Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais Cedeplar-FACE-UFMG Av. Antonio Carlos, 6627 Belo Horizonte, MG 31270-901 Brazil. Contact information at EDIRC.
Series data maintained by Gustavo Britto ().