![]() ![]() She identifies five main eras where this has occurred. By understanding the choices that prior societies have made and their consequences, we can make better choices among the options now facing us. Some societal choices have led to disaster. When we look at very long time periods, we can see that the choices form patterns. If not, society can slide into lasting decline with little or no real growth and increasing inequality.īy adopting a much longer time horizon and a multi-disciplinary perspective, her book helps us see how societies have made choices. If society is able to rein in the financial economy and refocus it on the real economy of providing goods and services, enduring prosperity can occur. ![]() The resulting bubble in due course bursts. There is often over-investment, as wealthy investors begin to expect outsized returns and seek to extract rents. There is a huge expansion of investment driven by the financial sector. New businesses prosper and old ways of doing things collapse and vanish. ![]() ![]() When a transformational technology appears, an explosion of energy can occur, as the existing ways of operating are disrupted by those who have mastered the new technology. There has been a repeating pattern of massive disruption that has occurred regularly over the last 250 years at intervals of around 50-60 years. Her main thesis is that disruption is not a new phenomenon. Pérez draws on Mark Twain’s insight that “History never repeats itself, but it often rhymes.” ![]()
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