Why modern history is a succession of paradigm shifts

Carlota Perez devised a model that effectively explains the last 250 years as a series of five consecutive technological revolutions. Each revolution spawns its own “techno-economic paradigm” through two different phases: the installation phase, characterized by financial speculation and entrepreneurial drive; then the deployment phase, when governments set up new institutions to sustain a more inclusive growth. The current age of personal computing and networks is now nearing…

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