Cover of Technological Revolutions and Financial Capital

Technological Revolutions and Financial Capital

Carlota Perez

Bubbles are not noise; they are the installation phase of new infrastructure.

Perez explains the cycle — installation, bubble, crash, deployment, golden age — that makes financial manias legible as infrastructure financing. Bubbles are not noise; they are how new rails get funded. Banks and platforms are living inside a deployment-phase shift right now.