n African Journal of Science, Technology, Innovation and Development - Finance and technical change : a long-term view : research paper

Volume 3, Issue 1
  • ISSN : 2042-1338
  • E-ISSN: 2042-1346
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The paper presents an alternative model of the emergence and propagation of technological revolutions. It proposes an explanation of the clustering and the spacing of technical change in successive revolutions. It provides arguments for the recurrence of clusters of bold financiers together with clusters of production entrepreneurs and an interpretation of major financial bubbles as massive episodes of credit creation, associated with the process of assimilation of each technological revolution. It concludes by demonstrating that financial capital has a fundamental role in the articulation and propagation of technological revolutions.

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