DRAFT: Not for quotation RETHINKING GLOBALIZATION AFTER THE COLLAPSE OF THE FINANCIAL BUBBLE An essay on the challenges of the Third Millennium Carlota Perez Honorary Research Fellow Independent Consultant Senior Research Fellow SPRU EUREKA, A.C. CERF Freeman Centre Qta.San Javier Judge Institute Sussex University 8va transversal Cambridge University Falmer, BN1 9RF Urb.Altamira. Trumpington Street United Kingdom Caracas 1060 Cambridge CB2 1AG, UK tel: +44-1273- 678173 Venezuela tel: +44-1223-760580 fax: +44-1273- 2646823 tel/fax: +58-212-283 5803 fax: +44-1223-33 97 01 E-mail: <
[email protected]> Web page: www.carlotaperez.org Paper to be presented at the First Globelics Conference Rio, November 2-6, 2003 Contents A. Introduction: The sources and the forms of globalization.................................................. 1 B. Great Surges in economic development: Recurrence and uniqueness................................ 2 C. The ruthless role of the great financial bubbles .................................................................. 9 D. Recession, Turning Point and institutional recomposition............................................... 11 E. Post -neo-liberal globalization: Some thoughts for conceiving a North-South positive- sum game .......................................................................................................................... 13 List of figures Table 1. Five technological revolutions in 230 years: Main industries and infrastructure ....... 3 Figure 1 The double nature of technological