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Geography 3422A/B Study Guide - Industrial Revolution

Course Code
GEOG 3422A/B
Milford Green

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Be Afraid, Very Afraid, of The Tech Crisis 3/8/2013 8:15:00 PM
Be Afraid, Very Afraid, of The Tech Crisis
Heads of state saw the cure for the economy in better governance;
central bankers, in better financial controls; investment bankers, in
the markets
o Economists offered new theories and internet entrepreneurs
put their trust in social media
o The only thing they shared was a belief that a quick fix was
We are in the midst of a technology crisis
o Disruptive technologies now appear less frequently than
steady economic growth requires
o Even bankers complain about a dearth of new technologies in
which to invest
Look back to the second half of the last century and it was packed
with technological advances
o The silicon revolution led to computers, microchips, mobile
phones and the web
We approach a prolonged period of stagnation
o Since this has not yet led to a clear economic decline, people
pay little attention
o It is not that discoveries no longer occur but that the rate has
o Todays basic technology is incapable of sustaining the sorts of
economic growth rates the world has enjoyed since the
industrial revolution
There is no such thing as useless fundamental knowledge
o The chain from basic discoveries to consumer products is
long, obscure and slow, but destroy the basics and the whole
chain will collapse
o This means new fundamental discoveries are always relevant
and necessary
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