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Inside this Book – On a day like any other in November 1971, a small event in Santa Clara Cali- fornia was about to change the history of the world. Bob Noyce and Gordon Moore launched Intel’s first microprocessor, the precursor of the computer on a chip. It was the big-bang of a new universe, that of all-pervasive computing and digital telecommunications. Chips were powerful, they were cheap and they opened innumerable technological and business possibilities. At that time not many people had heard of venture capital or ‘angels’. Though many common citizens in the USA had stocks and bonds, few followed the daily changes in the stock market. The word ‘derivative’ was generally con- fined to mathematics. Most middle-class people kept their money in the bank or in the savings and loan society and the self-made millionaires, although a core element of the American dream, were few and far between. In the de- cades to follow, all this was to change radically. Millionaires would abound and finance was to become the central concern of people with old and new wealth. By the end of the 1990s, even people with modest salaries had turned into hopeful ‘investors’. Henry Ford had been the central character in a similar event in 1908. The low-cost Model-T, with its internal combustion engine powered by cheap gaso- line, was the big-bang opening the world of the automobile and of mass pro- duction and mass consumption.
Inside this book –Technological Revolutions and Financial Capital PDF Book by Carlota Perez – The time has come to make explicit the definitions of finance and production capital, which have been implicit in the previous discussion. Neither refers to the actual capital (which is both paper and real at the same time), but rather to the agents and their purposes. In both cases, the term ‘capital’ is used here to embody the motives and criteria that lead certain people to perform – or hire others to perform – a particular function in the process of wealth creation within the capitalist system. 90 Thus, financial capital represents the criteria and behavior of those agents who possess wealth in the form of money or other paper assets. In that condition, they will perform those actions that, in their understanding, are most likely to increase that wealth. In the process, they may acquire deposits, stocks, bonds, oil futures, derivatives, diamonds or whatever. They may receive inter- est, dividends or capital gains, but in the end, by whatever means, their purpose remains tied to having wealth in the form of money (‘liquid’ or quasi- liquid) and making it grow. To achieve this purpose, they use the services of banks, brokers and other intermediaries who provide information, perform the contracts and in general embody the drive to make paper wealth grow. It is the behavior of these intermediaries while fulfilling the function of making money from money that can be observed and analyzed as the behavior of financial capital. In essence, financial capital serves as the agent for reallocating and redistributing wealth.
Technological Revolutions and Financial Capital by Carlota Perez PDF : eBook Information
- Full Book Name – Technological Revolutions and Financial Capital
- Author of this Book – Carlota Perez
- Language – English
- Book Genre – Non-Fiction, Business, Economics, Finance, History
- Download Format – PDF
- Size – 1.5 MB
- eBook Pages – 219
- Price – Free