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Professor Carlota Perez

perez-c-113x148Visiting Professor of Technology and Development
Department of International Development



Carlota Perez studies the socio-economic impact of technical change and the historical context of growth and development. Her career began in civil service, and has spanned academic research, teaching and consultancy. Author of the influential Technological Revolutions and Financial Capital: the Dynamics of Bubbles and Golden Ages (Elgar 2002), she is currently leading the research project ‘Beyond the Technological Revolution’, which analyses the historical role of the state in shaping the context for innovation. During her fixed tenure as LSE Centennial Professor (2013-2016), she created the departmental course DV446: Technical Change, Paradigm Shifts and Global Development, which was oversubscribed each year. She is also currently Professor of Technology and Development at the Ragnar Nurkse Institute, Technological University of Tallinn (TUT), Estonia, and Honorary Professor at SPRU (Science and Technology Policy Research), University of Sussex, and is regularly invited to lecture at universities around the world.

In the late 1970s, in her country of origin, Venezuela, she conducted research at the Central University on the structural causes of the energy crisis. After a stint as member of a think-tank on international technology transfer at the Institute of Foreign Trade, she became the founding Director of Technological Development at the Ministry of Industry in the early 1980s, where, alongside other policy instruments to promote innovation, she created the first venture capital fund in the country. While doing part-time research at SPRU University of Sussex, she began her work as a consultant for several Latin American governments and for multilateral organisations such as UNCTAD, UNIDO, CEPAL, the OECD, the Andean Pact and the World Bank. Subsequently, in the mid-1990s she was advisor to INTEVEP, the R&D and technology arm of PDVSA, the national oil company in Venezuela. Since the publication of her book she has frequently been asked to consult for global corporations (including IBM, Cisco, Telefonica, Mondragon, Ericsson, Sogeti, and ING Bank) and to speak at major business and public events. From 2015-2016 she was the Chair of the European Commission’s Horizon 2020 Expert Group for Green Growth and Jobs.

She received her License in Interdisciplinary Social Sciences (with Economics and Technology at the core) from the Faculty of Sciences, University of Paris VII, and her MA from San Francisco State University, where she developed the first formulation of her theory of technological revolutions and changing opportunities for development. Since working at the Central University of Venezuela, she has nurtured research links with several European universities. Her current position as Honorary Professor at SPRU started with a research fellowship in 1983, when she began a long-term collaboration with Professor Chris Freeman. She was affiliated to CERF at the Judge Business School and Cambridge Finance from 2002 until 2014 and has been teaching a post-graduate course at the Tallinn University of Technology since 2007.

Research Interests

  • The impact of technical change and technological revolutions on society, business and the national and international economies
  • Technological revolutions and techno-economic paradigm shifts
  • The roles of finance, markets and governments in promoting and propagating innovation
  • The diffusion of technological revolutions and the changing windows of opportunity for developing countries
  • Sustainability --"green growth"-- and its potential to serve as a driver of innovation, development and economic revival
  • Conditions for natural resource-based innovation and development strategies
  • Technology and the potential for overcoming inequality


Journal Articles

2015 “Natural Resource Industries as a Platform for the Development of Knowledge Intensive Industries”, with A. Marin and L. Navas-Aleman in Tijdschrift voor economische en sociale geografie (Journal of Economic and Social Geography), Volume 106, Issue 2, 154–168

2013 “Unleashing a golden age after the financial collapse: Drawing lessons from history”, in Environmental Innovations and Societal Transitions, Vol. 80, No. 1, 11–23

2010 “Technological revolutions and techno-economic paradigms”, Cambridge Journal of Economics, Vol. 34, No.1, 185-202

2010 “Technological dynamism and social inclusion in Latin America: CEPAL Review No. 100, 121-141. Original Spanish “Dinamismo tecnológico e inclusión social en América Latina: una estrategia de desarrollo productivo basada en los recursos naturales” Revista CEPAL No. 100, April, 123-145.

2009 “La Otra Globalización: los Retos del Colapso Financiero.” [The other Globalisation: the Challenges of the Financial Collapse] Problemas del Desarrollo: Revista Latinoamericana de Economía, (UNAM-México) Vol. 40, No.157, 11-37

2009 “The Double Bubble at the Turn of the Century: Technological Roots and Structural Implications”, Cambridge Journal of Economics, Vol. 33, No. 4, 779-805

2001 "Technological change and opportunities for development as a moving target", Cepal Review, No. 75, December, 109-130

2000 "Change of paradigm in Science and Technology Policy", Cooperation South, TCDC-UNDP, No. 1-2000, 43-48

1986 "Las Nuevas Tecnologías: Una Visión De Conjunto", in Estudios Internacionales, Año XIX, Oct.-Dic. 1986, No.76, Santiago de Chile, 420-459.

1985 "Microelectronics, Long Waves and Technical Change: New Perspectives for Developing Countries”, World Development, Vol. 13, Nº 3, 441-463

1983 "Structural change and assimilation of new technologies in the economic and social systems, Futures, Vol. 15, Nº 4, October, 357-375 and 1985, in Italian translation, in P. Bisogno ed., Paradigmi Tecnologici: Saggi Sull Economia del Progresso TecnicoPrometheus No. 2, , Milan, 155-186. Reprinted in C. Freeman, ed. The Long Wave in the World Economy, International Library of Critical Writings in Economics, Edward Elgar, Aldershot, 1996.

Books and book chapters:

2016 “The new context for industrializing around natural resources: an opportunity for Latin America (and other resource rich countries)?” in Akbar Noman and Joseph Stiglitz (eds.) Efficiency, Finance and Varieties of Industrial Policy: Guiding Resources, Learning and Technology for Sustained Growth. New York: Columbia University Press

2016 "Capitalism, Technology and a Green Global Golden Age: The Role of History in Helping to Shape the Future" in Mazzucato and Jacobs, Rethinking Capitalism. London: Wiley-Blackwell

2015 "Innovation as Growth Policy: The Challenge for Europe" with Mazzucato, M., in Fagerberg, J., S. Laestadius and B. Martin (eds.) The Triple Challenge for Europe:  Economic Development, Climate Change and Governance. Oxford: Oxford University Press, Ch. 9, 227-262; previously published as SPRU Working Paper No. 13-2014, July 2014

2014 "The possible dynamic role of natural resource-based networks in Latin American development strategies". with Marin and Navas-Aleman in Dutrénit and Sutz (eds.) National Innovation Systems, Social Inclusion and Development: The Latin American Experience, Cheltenham: Edward Elgar

2014 "A New Age of Technological Progress" in Umunna, C. (ed) Owning the Future, London: Policy Network

2013  “Innovation systems and policy for development in a changing world”, in E, S, Andersen, J. Fagerberg and B. Martin (eds.) The Future of Innovation Studies, Oxford: Oxford University Press development in a changing world”, in E, S, Andersen, J. Fagerberg and B. Martin (eds.) Oxford: Oxford University Press

2013 “Financial bubbles, crises and the role of government in unleashing Golden Ages" in Pyka, A. and Burghof, H.P. (eds.) Innovation and Finance. London: Routledge, pp. 11 -25

2007 "Finance and technical change: A long-term view" in H. Hanusch and A. Pyka, eds., The Elgar Companion to Neo-Schumpeterian Economics, Cheltenham: Edward Elgar

2006 “Respecialisation and the deployment of the ICT paradigm: An essay on the present challenges of globalisation” in Compano et al. eds., The Future of the Information Society in Europe, Technical Report EUR22353EN, IPTS, Joint Research Centre, Directorate General, European Commission, pp. 27-56.

2002 Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages, Edward Elgar, Cheltenham, U.K. (Paperback 2003, Spanish version Siglo XXI 2004, South Korean edition, IBM, 2006, Chinese edition Renmin University 2007; Russian edition, Delo, 2011)

1992 "New technological model and higher education: A view from the changing world of work", in Gustavo Lopez Ospina ed., Challenges and Options: Specific proposals, CRESALC/UNESCO, pp. 121-145.

1988 "Structural Crises of Adjustment, Business Cycles and Investment Behaviour" (with C. Freeman), in G.Dosi et al. eds. Technical Change and Economic Theory, Francis Pinter, London, pp. 38-66. Reprinted in H. Hanusch ed.The Economic Legacy of Joseph Schumpeter, Elgar, London, 1998

1988 "Catching Up in Technology: entry Barriers and Windows of Opportunity", (with L. Soete), in Dosi et al eds. Technical Change and Economic Theory, Francis Pinter, London, pp. 458-479.

1986 "New Technologies and Development", in Freeman and Lundvall eds. Small Countries facing The Technological Revolution, Francis Pinter, London, UK, pp. 85-97 and 1989, in Italian, as "Nuove tecnologie e sviluppo", en Eugenio Bennedetti ed., Mutazioni tecnologiche e condizionamenti internazionali. FrancoAngeli, Milan, pp. 71-89. Reproduced in L. Mytelka, ed (2007). Innovation and Economic Development, volume 213 in The International Library of Critical Writings in Economics Series, Edward Elgar, Cheltenham, Part I, chapter 2.