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From Long Waves to Great Surges

Author

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  • Perez, Carlota

    (London School of Economics (LSE), London, UK)

Abstract

This article maps the continuation of the late Chris Freeman’s work on long waves as well as my own contributions along those lines. It begins with a brief summary of the contents of his 2001 book with Francisco Louca, As Time Goes By: from the Industrial Revolutions to the Information Revolution, where they, first, theoretically make the case for long waves in the capitalist economy on the basis of ‘reasoned history’ and they, then, qualitatively describe each of the successive technological revolutions and the transformations they bring. Next, the article presents the reasons for my own abandonment of the term “long waves” for that of “great surges” followed by the research consequences of shifting the focus from the rate of economic growth to the patterns of diffusion of each set of revolutionary technologies. Finally it draws the implications for policy making of the recurring sequence thus identified, which is the purpose Chris Freeman always pursued himself and encouraged us all to pursue.

Suggested Citation

  • Perez, Carlota, 2015. "From Long Waves to Great Surges," European Journal of Economic and Social Systems, Lavoisier, vol. 27(1-2), pages 70-80.
    • Handle: RePEc:ris:ejessy:0005
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    Citations

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    Cited by:

    1. Mark Knell & Simone Vannuccini, 2022. "Tools and concepts for understanding disruptive technological change after Schumpeter," Jena Economics Research Papers 2022-005, Friedrich-Schiller-University Jena.
    2. Tomás Gutiérrez-Barbarrusa, 2019. "The interpretation of the cyclical history of capitalism. A comparison between the neo-Schumpeterian and social structure of accumulation (SSA) approaches in light of the long wave theory," Journal of Evolutionary Economics, Springer, vol. 29(4), pages 1285-1314, September.
    3. Gérard Valenduc & Patricia Vendramin, 2017. "Digitalisation, between disruption and evolution," Transfer: European Review of Labour and Research, , vol. 23(2), pages 121-134, May.

    More about this item

    Keywords

    Schumpeter; Chris Freeman; economic history; growth and fluctuations; long waves; great surges; techno-economic paradigms; technological revolutions; capitalist system; heterodox economics.;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • P12 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Enterprises

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