Blogs and Business Journals

Avivah Witenberg-Cox – Forbes – “5 Economists Redefining… Everything. Oh Yes, And They’re Women.” May 2020

Can the installation/deployment theory be applied to Bitcoin? Fred Wilson of Union Square Ventures, New York, put up a blog about that in January 2018:

It is then cited by Nicolas Colin, of the French venture capital firm The Family, discussing bitcoin and the possible future of its underlying technology.

Irving Wladawsky-Berger - CIO Journal of the Wall Street Journal “Digital Economy and its discontents: Ongoing crisis or precursor to Golden Age”, Dec. 8, 2017

Steve Denning – Forbes – “Understanding Disruption: Insights From The History Of Business”, June 2014

Irving Wladawsky-Berger (ex-Vice President for Technology at IBM)

Britta Collberg, LUM - Lund University Magazine, "She brings hope for a better world", April 2017

Steve Blank, Innovation Outposts and The Evolution of Corporate R&D, Nov. 2015

Jerry Neumann, Neu Venture Capital, “The Deployment Age”, Oct. 2015

James Gross, President of Percolate. “Moving from Installation to Deployment” Jan. 2015

Frances Coppola in Pieria. "Towards a New Golden Age"

Hagen Wenzek in Earth 3.0 Strategy ("The Surf is On")

Olivia Solon in Wired (comment on the presentation at The Economist’s “Technology Frontiers” event)

Anna Handschuh. Design for Change blog.

Fred Wilson's blog, AVC (VentureCapitalist, Union Square Ventures)

Bill Chamberlin (IBM)

Brad Stone (New York Times)

W. Brian Arthur (Santa Fe Institute)

Nick Hughes (entrepreneur)

Academic Reviews

"As regards the relationship between technology, the economy and society, Carlota Perez is one of the world's most innovative researchers. In this book she presents a systematic analysis of those interactions, empirically grounded and theoretically coherent, centered on the dynamics of financial capital, as the strategic instrument of globalization. It is a fundamental work to understand the structural transformations of the economy and society in the information age"

Manuel Castells, University of California-Berkeley and Universitat Oberta of Catalunya

"Before I read this book I thought that the history of technology was – to borrow Churchill’s phrase – merely “one damned thing after another”. Not so. Carlota Perez shows us that historically technological revolutions arrive with remarkable regularity, and that economies react to them in predictable phases. Her argument provides much needed perspective not just on history, but on our own times. And especially on our own information revolution."

W. Brian Arthur, Citibank Professor, Santa Fe Institute, New Mexico, US

"It was Carlota Perez in the early 1980s, who designated the major changes in technology systems, such as mechanization, electrification or computerization, as "changes of techno-economic paradigm" a designation which has since been widely adopted. In this book she offers many new insights into these complex processes of social, economic and technological change. She traces the interactions between that part of the economy commonly known as "financial capital" and the evolution of technologies. Although this was an important aspect of Schumpeter’s original work, it has been neglected by his followers, so that the book fills an important gap in the literature on business cycles and innovations. I most strongly commend it to all those attempting to understand the past and future evolution of technology and the economy."

From the preface by Christopher Freeman, Emeritus Professor of Science Policy, SPRU – Science and Technology Policy Research, University of Sussex, UK and MERIT, Maastricht University, The Netherlands

"The dynamics of capitalism are driven by the intersection of the development and deployment of transformational technologies and the behavior of financial institutions and markets, yet for both historians and theoreticians these two domains have been virtually walled off from each other since Schumpeter. Now Carlota Perez has defined a frame of reference for analyzing the recurring cycles of boom and bust that characterize the past 250 years of economic development, one that calls to mind the synthetic vision of Fernand Braudel's great work on Capitalism and Civilization. In doing so, Carlota Perez has also provided a road map to relevance both for scholars and investors who, having survived the Great Bubble of 1999-2000, must needs concern themselves with what happens next."

William H. Janeway, Vice Chairman, Warburg Pincus, US Founder CERF, Cambridge [University] Endowment for Research in Finance, UK

"While the growing literature of neo-Schumpeterian economics has focused on technological change, Carlota Perez' book brings back Schumpeter, the scholar of finance. Not only that, Perez manages to remarry for the first time two main aspects of Schumpeter's work, technological change and finance, in a historical account which is both sweeping and profound. The result is a book with important and urgent messages for economic policy, also in the developing countries that experience the peripheral effects of the powerful systems of innovation and finance in the core countries. This book provides a qualitative understanding that is needed for a better economic policy."

Erik Reinert, The Other Cannon, Tallinn University of Technology, Estonia

"This is a fascinating book, well worth reading, and reflecting on.."

Review in The Journal of Socio- Economics, August 2003 by Richard R. Nelson, George Blumenthal Professor of International and Public Affairs, Columbia University, New York, US.

“…a book of interest not only to economists, but also to everyone with an interest in reading an analysis of evolution and the processes of change. In fact, the Venezuelan researcher explains her wish for the book to contribute to awareness and reflection that will help society towards an inclusive system of globalisation and growing wellbeing for all.”

Eulalia Furriol, Review in Paradigmes: economía productiva i coneixement, Issue No. 4, June 2010

"Perez provides a fresh analysis of technological, financial and social booms and busts in an engaging and refreshing way. The book weaves a compelling new fabric of observation and theory, and shows that something can be done to learn from, anticipate, and deal constructively with the tribulations of interlinked technological, economic and social change. It does so concisely and in an idiom that bridges abstract economic theory with tangible human history and experience. If it is brought to their attention - as it should - this compact book will give hope to those scholars, students and policy analysts who wonder what really happened in the cybertechnology/internet gold-rush prior to 2001 and what could possibly lie ahead."

From 'Ships, chips and whatever is next', review in Science and Public Policy, October 2002, pp. 397-8 by Morley Lipsett, Centre for Policy Research on Science and Technology, Simon Fraser University, Vancouver, Canada

"I remain a skeptic. What remains, in any case, is a series of provocative ideas on interactions among technological innovations, financial markets, and social institutions."

Review in The Journal of Economic History, Vol. 63, No. 2, Jun., 2003, pp. 615-616. Douglas J. Puffert, University of Warwick.
Download here: The Journal of Economic History (see pp 615-616)

"I tremendously enjoyed reading this book both because of the topic that Carlota Perez investigates, and because of the way the investigation is carried out."

Bertrand M. Roehner, University of Paris 7, EH.NET, Economic History Services Book Reviews

"The financial captains - in Tom Wolfe's memorable phrase, "the Masters of the Universe" - would be well-served by this dose of history. So, too, would the leaders of productive capital, as they struggle to add value in a frenzy of financial speculation. And as for policy-makers, the answer is obvious - Perez's insights are not just important; they are urgent...'Do read the book. It is important. It is accessible. It is well presented. It's also fun."

Raphie Kaplinsky, Prof. of Development, Review in Technovation. Download here

"Few of us have the range of understanding of technological innovation that Perez shows in this book. We bring to our understanding of the world and social and economic debates the baggage of our experience and the insights gained from it: For the thinking cobbler all the problems of the world can ultimately be put down to bad shoes. The true development of ideas requires the exploration of the limitations of those ideas. Carlota Perez does this precisely by trying to show how particular factors, finance, new technology, the structure of economic institutions, play their part in pushing forward economic development, and then cease to have this function."

Jan Toporowski In Review of Political Economy, April 2004. University of London. Verdes Estates, California.

"…a book that will stretch the imagination, broaden the horizons, and challenge the thinking of the business economist immersed in his daily tasks, this book is worth time invested in reading it."

Book review Oct, 2003, Business Economics. Edmund A. Mennis, Investment Management Consultant, Palos Verdes Estates, California.

"…filled with exactly the same enthusiasm and considered thought that enlivens her conversation. It is one of the most enjoyable economics books I have read for some time."

Mardi Dungey, Economics Division, Research School of Pacific and Asian Studies, Deputy-Director Centre for Applied Macroeconomic Analysis, Australian National University. Book Review in Economic Record, September 2004, 80 (250), p.354-355.

"Technological Revolutions and Financial Capital" is the crystallization of a sustained research effort undertaken by the author for more than twenty years, examining the role of new technologies in socio- economic development processes across the world... 'In the early eighties Carlota Perez had already acquired recognition in international circles involved with technological and industrial development, innovation, etc. Her pioneering 1983 article about the role of microelectronics in global economic development became the unavoidable reference for anyone approaching the study of that theme. The field of study she helped create, in relation to this phenomenon, has grown through the years, and she is widening it now to incorporate the way in which financial capital participates in the emergence, promotion, difusion and depletion of each technological revolution and of the new techno-economic paradigm that accompanies it... 'It is a great contribution to the understanding of the interaction between financial capital and technological progress. represents an interesting challenge for organizations such as CAF and its stockholder countries while it helps fulfill one of the new objectives of this multilateral institution in the sense of designing our own agenda for development, with an integral vision, capable of helping us move forward in the promotion of competitiveness and in facilitating an equitable insertion of Latin America in the world economy."

Enrique Garcia, President of CAF (Andean Development Corporation)

"Carlota Perez... is a perceptive and unique observer of the mutations that characterize the economy at present, but she fulfills this task from a standpoint that seems to have been forgotten by most professional economists, absorbed as they usually are by the complicated details of the conjuncture, unable to look up and encompass the scene a few months ahead. Her book, the fruit of an admirable stubbornness, mellowed in the course of at least three decades, is an interpretation of history in connection with long term technological transformations, inspired in Schumpeter´s ideas... 'Carlota Perez' writings are organized... around her concept of techno-economic paradigm, which shows the mesh of causes and consequences among technology, politics, society and culture. It is a concept with an enormous explanatory power and with the important virtue of being also an effective antidote for technological determinism... '...this book is in my view -being sure not to exaggerate- indispensable reading for anyone trying to understand the world that it has been our lot to live in."

Ignacio Avalos, International Consultant, former President of CONICIT, Venezuela



Wolfgang Drechsler, Rainer Kattel, Erik S. Reinert (eds.) Published by The Anthem; Other Canon Series 2009 ISBN 13:978 1 84331 785 2

Techno-economic paradigm shifts are at the core of general, innovation-based theory of economic and societal development as conceived by Carlota Perez. Her book on the subject, Technological Revolutions and Financial Capital, is a seminal enunciation of the theory, and has had immense influence on business strategy, national and international development programmes, and academic research on the subject.

Techno-Economic Paradigms presents a series of essays by the leading academics in the field discussing the theory of techno-economic paradigm shifts, and its role in explaining processes of innovation and development. This festschrift honours Carlota Perez.

Wolfgang Drechsler is Professor and Chair of Governance, Rainer Kattel is Professor and Chair of Innovation Policy and Technology Governance, and ,Erik S. Reinert is Professor of Technology Governance and Development Strategies at Tallinn University of Technology, Estonia. Reinert is also Chairman of The Other Canon Foundation, Norway

Anthem Press

Google Books


Wolfgang Drechsler, Rainer Kattel and Erik S. Reinert
1. Introduction: Carlota Perez and Evolutionary Economics
Rainer Kattel with Wolfgang Drechsler and Erik S. Reinert
2. Developing Innovation Capability: Meeting the Policy Challenge
John Bessant and Howard Rush
3. Slow Food, Slow Growth … Slow ICT: The Vision of Ambient Intelligence
Jean-Claude Burgelman
4. Technical Change and Structural Inequalities: Converging Approaches to Problems of Underdevelopment
José Eduardo Cassiolato, Carlos Bianchi Pagola and Helena Maria Martins Lastres
5. The New Techno-Economic Paradigm and its Impact on Industrial Structure
Giovanni Dosi, Alfonso Gambardella, Marco Grazzi and Luigi Orsenigo
6. Governance in and of Techno-Economic Paradigm Shifts: Considerations for and from the Nanotechnology Surge
Wolfgang Drechsler
7. Innovation Policy and Incentives Structure: Learning from the Mexican Case
Gabriela Dutrénit and Alexandre O. Vera-Cruz
8. Schumpeter's Business Cycles and Techno-Economic Paradigms
Christopher Freeman
9. Asian Innovation Experiences and Latin American Visions: Exploiting Shifts in Techno-Economic Paradigms
Michael Hobday
10. Doing Capitalism: Notes on the Practice of Venture Capitalism (Revised and Extended)
William H. Janeway
11. Small States, Innovation and Techno-Economic Paradigms
Rainer Kattel
12. Financial Experimentation, Technological Paradigm Revolutions and Financial Crises
Jan Kregel
13. Why the New Economy is a Learning Economy
Bengt-Åke Lundvall
14. The Art of Macro-Qualitative Modelling: An Exploration of Perez' Sequence Model of Great Surges
Lars Mjøset
15. Technology, Institutions and Economic Development
Richard R. Nelson
16. Techno-Economic Paradigms and the Migration (Relocation) of Industries to the Peripheries
Keith Nurse
17. On the Discreet Charm of the (Rentier) Bourgeoisie: The Contradictory Nature of the Installation Period of a New Techno-Economic Paradigm
José Gabriel Palma
18. Production-Based Economic Theory and the Stages of Economic Development: From Tacitus to Carlota Perez
Erik S. Reinert
19. Carlota Perez' Contribution to the Research Programme in Public Management: Understanding and Managing the Process of Creative Destruction in Public Institutions and Organizations
Claude Rochet
20. Carlota Perez - Her Biography and the Origins of her Ideas
Erik S. Reinert and Benjamin Sagalovsky
Notes 407
Bibliography Carlota Perez 421

In MEDIA - See Articles and Interviews

Also in MEDIA, explore videos, interviews and talks:

2011, A Conversation with Fred Wilson and Carlota Perez, Web 2.0 Expo, New York, New York, USA
Technological Revolutions Financial bubbles Installation Period Frenzy Deployment Period Golden Ages Dual strategy Techno‑economic paradigms Neo‑Schumpeterian Respecialization Synergy Turning Point Future markets Knowledge society Green growth Maturity Full global development Globalization Sustainability Socio‑economic development Paradigm shifts Irruption Market hyper‑segmentation