Technological revolutions and financial capital the dynamics of bubbles and golden ages is an academic book by carlota perez that seeks to describe the connection between technological development and financial bubbles as seen in the emergence of long term technology trends. 844 book reviews technovation 23 2003 843 845 technological revolutions and financial capital the marxists of the 1970s the central argument is as fol dynamics of bubbles and golden ages lows carlota perez ed 2002 pp 198 including index and long waves consist of four phases. Morley lipsett science and public policy carlota perezs thoughtful book technological revolutions and financial capital does an excellent job of showing the interplay between innovation and capital markets her theory is based on schumpeterian economics change is more important than equilibrium and substantial empirical data. While all technological revolutions have a bubble and a crash not all bubbles are strictly connected with technological revolutions other collapses may have other causal chains carlota perezs technological revolutions and financial capital discusses the ideas that propel industrial revolutions forward