Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages

Technological revolutions follow a four-phase pattern: irruption, frenzy, turning point, deployment. Each phase comes with its specific financial dynamic — bubbles in the frenzy, institutional consolidation in the deployment. Pérez offers the best framework to argue that AI is not exceptional in its dynamic, only in its object. Gatopardismo with economic rigour: we have seen this before with the railway, electricity, the automobile, semiconductors. If you are feeling too strongly that "this time is different", Pérez is the correction.