Dinâmica econômica, bolhas especulativas e transformações estruturais: das inovações tecnológicas à instabilidade financeira.

Abstract

The aim of this paper is to present, according to the minskyan and schumpeterian approaches, a pattern of capitalist dynamics and structural transformations from the interconnections between the innovation processes of firms in the “New Economy” and its funding between 1995 and 2004 in the U.S. Despite the schumpeterian theory has an explanation of the cycles modelingthe impacts of a range of innovations concentrated in time,histheory does not recognize the dynamic effects of effective demand related to the development of sophisticated systems of financial innovations, being very important the Hyman P. Minsky’s theoretical background. It can be perceived that this economy was financially fragile, mainly because the valuation of assets did not increase in the sameproportion asthe capacity of generating profits or dividends of high-tech companies, there was no real fundament of the high-tech companies in relation to market capitalization, emissions stocks and turnover.