Transitions and revolutions

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Chapter 2 in A History of the Global Economy, 2018, pp 22-38 from Edward Elgar Publishing

Abstract: This chapter considers what it is that drives historical change, change which is the default condition of all human societies. It highlights a major source and driver of such change, human innovation. It discusses general-purpose principles, which identify the needs of humans, and general-purpose technologies (GPTs), which assist human to better satisfy their needs and wants. Such GPTs potentially have a transformative impact on the economy. There is a definition of what is a GPT, establishing its main characteristics, notably its significant and widespread linkage effects. At the core of the chapter is a listing of transformative GPTS, classified according to the phases through which the economy moves and emphasising those initiating phase movement. There is also a discussion of how differing factor supplies and prices influence the nature and direction of technological change. The chapter concludes with an approximate dating of economic phase entry.

Keywords: Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2018
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