Are We on the Verge of a New Golden Age?

Carlota Perez, Leo Johnson, Art Kleiner, Strategy+Business, Oct 10, 2017
Commentary by Stephen Downes

I would like to believe that the answer to the question in the headline is 'yes', but I have far less faith in cycles than economists and astrologers. In any case, that's the logic being applied here, as it traces through five technological waves (industry, steam, electricity, oil, and information) and observes a cycle of distruption, crisis and prosperity. What the author doesn't menton is that each of these waves (except ours, so far) is punctuated with a major war: Napoleonic, Civil, WWI, WWII. So let's maybe hope that we break out of the cycle this time. Having said that, and having expressed a proper scepticism, it does remain true that each wave (including ours) has resulted in a wave of increased prosperity and well-being world-wide. 

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