Carlota Perez

Researcher, lecturer and international consultant, specialized in the social and economic impact of technical change and in the historically changing conditions for growth, development and competitiveness.


“Capitalism, Technology and a Green Global Golden Age: The Role of History in Helping to Shape the Future”
The increased awareness of the role of technology and innovation in the economy has not yet found a clear expression in orthodox economic theory – or in the growth strategies being applied across most of the advanced world. There are currently widely divergent opinions... read more
“From long waves to great surges: continuing in the direction of Chris Freeman’s 1997 lecture on Schumpeter’s business cycles”
The first edition of Theory of economic development was published in 1911. It is a well known fact that after his death Joseph Alois Schumpeter – the most quoted economist after Keynes – experienced a purgatorial season from which he emerged at the time of the first petroleum shock... read more
“Innovation as Growth Policy: The Challenge for Europe”
The advanced world is facing a crucial moment of transition. We argue that a successful outcome requires bringing innovation to the centre of government thinking and action... read more
"The new context for industrializing around natural resources: an opportunity for Latin America (and other resource rich countries)?"
This chapter argues that development is a moving target, and that windows of opportunity to both ‘catch up’ and ‘leap ahead’ present themselves at certain times and in specific regions due to technological revolutions and paradigm shifts. Having examined the historical precedents... read more
"Technological revolutions, paradigm shifts and socio-institutional change"
The last decades of the 20th Century were a time of uncertainty and extremely uneven development. People in many countries and in most walks of life feel uncertain about the future for themselves and their workplaces, about the prospects for their own countries and for the world as a whole... read more


I have a separate website for my current research project, funded by Anthemis UK:

I am working on a sequel to Technological Revolutions and Financial Capital, this time focusing on the role of the state. There will be articles and blogs as the project progresses. Your comments will be welcome.

  • A new working paper is up:
    “Is Smart Green Growth the Solution? Lessons from History”

  • See also a sequence of four blogs about Brynjolfsson and McAfee’s Second Machine Age:

    1. Introduction: the pitfalls of historical periodization

    2. The periodization of history into technological revolutions: why, what, how many and when?

    3. The current moment: beginning of a new machine age and/or the turning point of the fifth great surge?

    4. The historical patterns of bounty and spread

    I argue that this revolution is indeed unique, but also one of a series of five, rather than only the second since the Industrial Revolution in England, as they claim. So I make various parallels with previous ones. And yet, I also wonder why, if it is such a momentous transformation, their policy recommendations are so timid and give such a small role to public policy. The discussion of those recommendations will follow in subsequent blogs.

  • Recent Interviews:

  • Anthemis held a camp in the French Alps last summer and Sean Park, the founder, engaged in conversation with me, after my talk. Video and transcript are up in their new webpage, Hacking Finance.

  • Peter Day interviewed me for the Drucker Forum, where I spoke on November 17th.

    This is the first part:

    And here is the second part:

  • Strategy+Business published an interview-conversation about my cyclical theory, between Art Kleiner, the editor-in-chief of the journal, Leo Johnson, a PWC consultant on megatrends, and myself.

    Are We on the Verge of a New Golden Age? S+B, August 28, 2017:

    It mentions the one they published in 2005:

  • Harnessing the technological revolution. Interview by John Thornhill of the Financial Times: FT Tech Tonic - Carlota Perez on Technological Revolutions

  • Recent Talks:

  • In the Anthemis Hacking Finance Retreat in Méribel, in the French Alps, I gave a talk about why we are in a time similar to the 1930s and why government has to come back actively and what the role of fintech can be:

    ‘Using historical experience to understand the present and construct a better future’

  • I gave a talk at the Global Drucker Forum 2017 in Vienna, on November 17th:

    “It is time for government to come back boldly, wisely and adequately: a view from the history of technological revolutions”

    What I mean by ‘adequately’ is that it cannot be in the same way as when unleashing the Post War boom, by shaping the mass production revolution; it needs to understand and give (an environmentally and socially sustainable) direction to the ICT revolution.

    Steve Denning, the chair of the panel in which I spoke at the Global Drucker Forum, published my talk in his Forbes column:

    “From a casino economy to a New Golden Age: Carlota Pérez at Drucker Forum 2017”

  • On November 7th I spoke in an event organized by CIECTI (Interdisciplinary Center for the Study of Science Technology and Innovation) in Buenos Aires. My talk (in Spanish) referred to the new opportunities for innovation around natural resources, emphasising the possibility of stemming the flow from the countryside into the cities, by promoting high quality of life and wealth creation in rural areas.

  • On October 25th I spoke in Spanish in an event of Senacyt (the Council for Science and Technology of Panama) on how to take advantage, in a developing country, of the social and economic opportunities opened by the current technological revolution.

  • The second week in July I attended the retreat of the Anthemis fintech group in Meribel, in the French Alps. Beautiful place! I gave a talk the first evening and then joined in the many workshops with the participants. Sean Park, the leader and founder gave a list of topics about the future of society and of technology. Challenging and interesting. And I also had the opportunity to talk to the innovators and entrepreneurs, mostly quite young and bold. I learned a lot.

  • The first week in July I taught at the Summer School in ISEG, the Lisbon School of Economics and Management

    The course was called: “Technological revolutions and their socio-economic implications: understanding the current moment in the light of history”

  • Between May 10th and 12th I gave four talks in Oslo and held a workshop for:

    1. Norwegian Environmental Agency
    2. Tekna. The Engineering Society
    3. Business School - Green event
    4. University of Oslo (followed by a workshop)

  • In April I gave a lecture at the Institut d'Emprenedoria (Business School), Universidad de Barcelona, and in June at the annual meeting of the ACUP (Catalonian Association of Public Universities).

    As soon as they are on the web I will provide the links.

  • On March 6th, I gave a lecture in an event on the 350th Anniversary of Lund University, Sweden, together with Martha Nussbaum and James Robinson, moderated by Andreas Ekstrom:

    For a link to the whole event:

  • Recent Publications:

  • The Peter Drucker Forum blog published an article I wrote about “Why it’s time to bring back –and modernize– government”:

  • A new working paper is up:
    “Is Smart Green Growth the Solution? Lessons from History”

  • I contributed a chapter on ‘green growth’ in Rethinking Capitalism, edited by Michael Jacobs and Mariana Mazzucato (Political Quarterly, Wiley Blackwell, 2016)

    You can access the table of contents and introduction here:

    You can find it as working paper in: Capitalism, Technology and a Green Golden Age: The Role of History in Helping to Shape the Future

  • There is a chapter of mine on using natural resources as a platform for industrialization in Akbar Noman and Joseph Stiglitz (eds.) (2016) Efficiency, Finance and Varieties of Industrial Policy: Guiding Resources, Learning and Technology for Sustained Growth

    Here is the table of contents. And here is the previous working paper.

  • I sent a letter to the Financial Times arguing with J. Rostowski’s article about how to interpret the parallel with the 1930s for explaining today’s success of the populists.

    You can access the letter and the discussion in the comments via my new Twitter account: @CarlotaPrzPerez

    "Making the same mistakes as in the 1930s": via @FT

  • There is a European Union report on Green Growth and Jobs, by an expert group I chaired. It is titled Changing gear in R&I: Green growth for jobs and prosperity in the EU Download from:

  • Documentaries:

  • New documentary about Schumpeter with the participation of many neo-Schumpeterian economists, including myself.

    Schumpeter, the Man Who Discovered Capitalism:

  • You might also be interested in another documentary, also with the participation of a similar group of us, titled When Bubbles Burst:


    More videos here:

    2015, Netherlands. Conference, Connecting the Dots, Utrecht. Technological revolutions and the impact on Society.

    2014. Comment to Andy Haldane's presentation in the Opening Session of the Conference on Mission-Oriented Finance for Innovation (MOFI2014), Westminster, London.

    Carlota Perez: 4. Small Knowledge-Intensive Enterprises: crucial for competitiveness of countries vimeo

    July 2008, Amsterdam. Interview at FreedomLab, 6. Pardigm Shifts: No eternal truths. Economics is not Physics. We need a theory of change.
    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