From chapter 10 in the book:
Then in mid 2008, I came across Carlotta Perez's marvellous book - Technological Revolutions and Financial Capital. Perez has characterised these K-Waves around technological and economic paradigm shifts. For example the Industrial Revolution included factory production, mechanisation, transportation and development of local networks whereas the Age of Oil and Mass Production included standardisation of products, economies of scale, synthetic materials, centralisation and national power systems. Carlotta had talked about the eruption of change, the frenzy of exploitation and later stages involving synergy and maturity (a more peaceful time of competition, of exploitation and conservation). It reminded me of Holling's Adaptive renewal cycle. It reminded me of peace, war and wonder.
The wonder of eruption and frenzy of new ideas, the explosion of the new and the re-organisation of systems around it. A time of exploration and pioneers.
The exploitation and growth of these concepts, the synergy and the maturity of products in a more peaceful state of change. A time of settlers.
The eventual release of capital and tumultuous shift from one cycle to another, the lost of the old, the birth of the new, the time of war and creative destruction of the past. A time of industrialisation and town planners.