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4. The Cloud Economy—The Human-Economic ... > Technological Revolutions and Paradi...

Technological Revolutions and Paradigm Change

If we want to estimate the longer-term and broader implications of cloud computing on the global economy and human life, it is helpful to place cloud computing in the correct historical and sociological context.

Venezuelan historian Carlota Perez, in her book Technological Revolutions and Financial Capital, The Dynamics of Bubbles and Golden Ages, highlights the most significant shifts in technology over the last 300 years and outlines their implications for economic and social change.

According to Perez, the blueprint for boom and bust cycles stemming from technological revolutions is inherent in capitalism. Outlining the economic impact of five major technological revolutions (the Industrial Revolution, Steam and Rail, Steel and Electric, Oil and Mass Production, and Information and Telecommunications), Perez notes the following traits common to each phase: decreased costs, increased economies of scale and scope, standardization, and the opening of a vast new territory—a profit or design space.1


  

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