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European Journal of Economic and Social Systems
1292-8895
Parution abandonnée
 

 ARTICLE VOL 21/2 - 2008  - pp.233-266  - doi:10.3166/ejess.21.233-266
TITLE
Technological Shift and the Rise of a New Finance System. The Market-pendulum Model

ABSTRACT
The purpose During globalization, huge new demand causes resource shortages and inflation. This gives a boost to new technologies, potentially able to resolve them. Any radically new technology is decades away from commercialization – its implementation after a Systemic Sudden Stop (3S) depends on finding a brand-new Accumulation Engine (AE). Meanwhile, efforts to reduce production costs through scale efficiencies reverse the supplydemand equation: from shortages of supplies to shortages of demand. Our market-pendulummodel shows that the mid-term market equilibrium ends with market failures (3S). Historically, generation of adequate demand for drastically new products took at least a few decades, causing a seismic shift: i.e. mass steel/oil/electricity of the early 20th century came to age after WWII only.

AUTEUR(S)
Lucy BADALIAN, Victor KRIVOROTOV

KEYWORDS
Market-Pendulum Model, Globalization, Supply-Demand, Monetization, Market Equilibrium, 3S.

LANGUE DE L'ARTICLE
Anglais

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