{"id":18169,"date":"2020-11-10T20:46:00","date_gmt":"2020-11-11T00:46:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=18169"},"modified":"2020-11-22T21:53:35","modified_gmt":"2020-11-23T01:53:35","slug":"financial-innovation-technological-revolutions","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/financial-innovation-technological-revolutions\/","title":{"rendered":"Financial Innovation: When Tech Revolutions Mature"},"content":{"rendered":"\n<p>What is financial innovation? In which phase of technological revolution does financial innovation happen and how does it work?<\/p>\n\n\n\n<p>Financial innovation occurs when a technological revolution reaches maturity and then can explore wealth-building endeavors related to the revolution&#8217;s economic prosperity. <\/p>\n\n\n\n<p>Read more about financial innovation and phase 4 below.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Phase 4: Maturity<\/strong> and Financial Innovation<\/h2>\n\n\n\n<p>Finally, <a href=\"https:\/\/www.shortform.com\/blog\/technological-revolutions\/\">the technological revolution<\/a> begins to deplete its possibilities. Refer to Phase 0 above. This is the twilight of the golden age, \u201cthough it shines with false splendor.\u201d<\/p>\n\n\n\n<p><strong>Core industries experience market saturation and decreasing returns.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>To increase market share, the dominant firms concentrate through mergers and acquisitions, turning into oligopolies.<\/li><li>Activities are migrated to less-saturated markets abroad, redeploying the prevailing paradigm. However, this exhausts relatively quickly because the knowledge gained in earlier phases accelerates the deployment in new markets.<\/li><\/ul>\n\n\n\n<p>Widespread market and production experience shorten the life cycles of later products because of very rapid learning and saturation curves.<\/p>\n\n\n\n<p>Those who reaped the benefits of the golden age continue to believe in the virtues of the system. They insist on continuous progress of the current paradigm, in a complacent blindness.<\/p>\n\n\n\n<p>But promises of constant progress and social progress are not met, leading to labor and political unrest. The young and nonconformists stage rebellions and romantic protests.<\/p>\n\n\n\n<p><strong>Firms amass money without profitable investment outlets, creating idle capital.<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.shortform.com\/blog\/financial-capital\/\">Financial capital<\/a> begins separating from <a href=\"https:\/\/www.shortform.com\/blog\/production-capital\/\">production capital<\/a> again, seeking more profitable or exciting things and leading to innovation in finance.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>It supports investment in marginalized sectors and the periphery of the revolution.<\/li><li>Bad loans are granted to weaker creditors, particularly internationally.<\/li><li>Unorthodox practices like tax avoidance reign.<\/li><\/ul>\n\n\n\n<p><strong>Radical innovation in finance are demanded to propel further growth.<\/strong> During the Synergy phase, innovations that disrupted the diffusing paradigm were rejected. Now, they are sought after by firms desperate for growth.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Phases of Financial Innovation<\/strong><\/h2>\n\n\n\n<p>Throughout the revolution, innovations in financial capital enable the diffusion of technology.&nbsp;<\/p>\n\n\n\n<p>Carlota Perez classifies financial innovations along six types, then illustrates when innovations in each type occur.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Type<\/strong><\/td><td><strong>Purpose<\/strong><\/td><td><strong>Examples<\/strong><\/td><\/tr><tr><td><strong>A<\/strong><\/td><td>Invest in new products or services<\/td><td><a href=\"https:\/\/www.shortform.com\/blog\/how-does-venture-capital-work\/\">Venture capital<\/a> for radical innovationsJoint stocks for large investments<\/td><\/tr><tr><td><strong>B<\/strong><\/td><td>Help growth or expansion<\/td><td>Production expansion domestically and abroad (bonds)Government funding (eg war, infrastructure investment)<\/td><\/tr><tr><td><strong>C<\/strong><\/td><td>Modernize financial services themselves<\/td><td>New service to clients (telegraph transfers, personal checking accounts, e-banking)Incorporation of new technologies (communications, transport)<\/td><\/tr><tr><td><strong>D<\/strong><\/td><td>Profit-taking and spreading risk<\/td><td>Attract small investors (mutual funds, bonds, IPOs)Facilitate risk taking (derivatives, hedge funds)<\/td><\/tr><tr><td><strong>E<\/strong><\/td><td>Refinance obligations or mobilize assets<\/td><td>Reschedule debts (Brady Bonds, swaps)Buy active production assets (mergers, takeovers)Acquire and mobilize rent-type assets (real estate, futures)<\/td><\/tr><tr><td><strong>F<\/strong><\/td><td>Questionable innovations<\/td><td>Legal loopholes (fiscal havens)Making money from money, taking advantage of incomplete information (FX arbitrage, leads and lags)Making money without money (pyramid schemes, insider trading)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Phase<\/td><td>Prevalent innovation<\/td><td>Characteristics of finance<\/td><\/tr><tr><td><\/td><td>A<\/td><td>B<\/td><td>C<\/td><td>D<\/td><td>E<\/td><td>F<\/td><td><\/td><\/tr><tr><td>Irruption<\/td><td>X<\/td><td>X<\/td><td>X<\/td><td>X<\/td><td>X<\/td><td>X<\/td><td>Highest intensity of financial innovation<\/td><\/tr><tr><td>Frenzy<\/td><td><\/td><td><\/td><td><\/td><td>X<\/td><td>X<\/td><td>X<\/td><td>Attract funds, speculate, inflate assets<\/td><\/tr><tr><td>Synergy<\/td><td>X<\/td><td>X<\/td><td>X<\/td><td><\/td><td><\/td><td><\/td><td>Supportive innovations to accompany growth<\/td><\/tr><tr><td>Maturity<\/td><td><\/td><td>X<\/td><td><\/td><td><\/td><td>X<\/td><td>X<\/td><td>Accompany diffusion of paradigm, escape regulatory control<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>This table refers to when <em>innovation and invention <\/em>happens &#8211; the application of the practices can last a long time afterward.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>In Irruption, there is differentiation in financial capital: part supporting the new paradigm (types A-C), part idle capital desperately seeking profits in the old (types D-F).<\/li><li>In Frenzy, financial capital becomes entranced with itself, building a casino economy (types D-F).<\/li><li>In Synergy, it shifts to adaptive innovations to accompany the deployment of the paradigm (types A-C).<\/li><li>In Maturity, saturation and more idle money means funding of expansion of the prevailing paradigm (type B), consolidation of power (type E), and questionable propping up of profits in type F.<\/li><\/ul>\n\n\n\n<p>There are several types of financial innovation, and when a technological revolution matures, this innovation in finance can occur. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is financial innovation? In which phase of technological revolution does financial innovation happen and how does it work? Financial innovation occurs when a technological revolution reaches maturity and then can explore wealth-building endeavors related to the revolution&#8217;s economic prosperity. Read more about financial innovation and phase 4 below.<\/p>\n","protected":false},"author":5,"featured_media":18187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,45,81],"tags":[152],"class_list":["post-18169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-books","category-business","category-economics","tag-technological-revolutions","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Innovation: When Tech Revolutions Mature - Shortform Books<\/title>\n<meta name=\"description\" content=\"Can technological revolutions drive financial innovation? 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