Technology and Development in the Third Industrial Revolution by Charles Cooper, Raphie Kaplinsky PD
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Author(s): Charles Cooper, Raphie Kaplinsky
Publisher: Routledge
Category: Other Engineering
Date: 31.12.1989
Pages: 107
Language: English
ISBN-10: 714633895
ISBN-13: 9780714633893
Format: PDF
Book Description:
By the mid-1970s it was becoming clear that traditional Keynesian demandmanagement could no longer cope with growing imbalances in the global economy or revitalise the slowing engine of economic growth. In place of demand management, monetarism became increasingly fashionable, especially in the political realm, emphasizing the efficiency of markets in resource-allocation and highlighting rent-seeking behaviour and other forms of state failure. Its growing influence on policy led to concerted attempts to roll back the state, initially in the rich countries and subsequently in the Third World. An alternative response to the declining attractiveness of Keynesian theory was provided by the neo-Schumpeterian structural analyists. Focusing on the supply-side of economic activity, they emphasized the central role played by technological change in economic growth. Some of these neo-Schumpeteriansnotably Chris Freeman and his colleagues at the University of Sussexadded to these analyses a conception of radical technological discontinuities. They argued that since the mid-eighteenth century a series of historically distinct heartland technologies had evolved, and each was associated with epochs (long waves) of economic growth. In this view, not only technological change, but the revolutionary character of certain technological changes, played central roles in the growth process.
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