Azeem Azhar's Exponential View
Bubbles, Golden Ages, and Tech Revolutions
Oct 16, 2019
Celebrated economist and author, Carlota Perez, joins Azeem Azhar to discuss the nature of techno-economic paradigm shifts and the potential for a new Golden Age. They delve into topics such as the new welfare state, the impact of universal basic income on innovation, and the progress towards stakeholder capitalism. They also explore rethinking capitalism, the dimensions of global development, and the expansion of universities in developing countries. Exciting insights on the intersection of technology, economics, and social progress.
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Quick takeaways
- Transitioning to a new golden age requires the state to play an active role in shaping innovation, modernization, and fostering the desired changes for the benefit of both business and society.
- A potential new golden age can be achieved by combining innovation, smart green growth, and global development, with the state introducing regulations, tax reforms, and funding for emerging needs in areas such as cooperative systems and social security.
Deep dives
The stages of technological change
Technological revolutions occur when the previous revolution is exhausted. They bring new innovations, productivity improvements, and changes to industries and lifestyles. Each revolution sets up an infrastructure and leads to a period of experimentation and installation, followed by a bubble and subsequent collapse. After the collapse, a recessive period of job losses, inequality, and unrest occurs. This period is a turning point where new technologies become the instrument for solving previous problems. Eventually, a golden age of capitalism emerges, driven by government direction, improved social conditions, and a win-win game between society and business.
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