Cycles, Crises and Innovation
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Cycles, Crises and Innovation

Path to Sustainable Development – a Kaleckian-Schumpeterian Synthesis

Jerry Courvisanos

Cycles, crises and innovation are the major economic forces that shape capitalist economies. Using a critical realist political economy approach, the analysis in this fine work is based on the works of Michał Kalecki and Joseph Schumpeter – both of whom identify these three dynamic forces as plotting the path of economic development. Jerry Courvisanos’ thought-provoking book examines how the rise of capital through investment enshrines innovation in profit and power which in turn determines the course of cycles and crises. The author concludes by arguing for strategic intervention by transformative eco-innovation as a public policy path to ecologically sustainable development.
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Chapter 9: Charting a Path to New Atlantis

Jerry Courvisanos


Human ingenuity and technological innovation can do the job for us, but only if there is genuine global commitment to change. As with addressing climate change, both developed and developing countries have to modify the trajectory of their impact on the natural environment. (Tanner, 2009) Innovation is the word In April 2007 a cyberspace search via the Google search engine revealed 124 million hits on the word ‘innovation’. In September 2011, with this final chapter being written, a similar Google search revealed 313 million hits; references to ‘innovation’ had more than doubled after merely 4.5 years. From an academic perspective, the Google Scholar search engine in 2011 revealed 2.2 million hits (although the nature of this search engine results in many multiple entries). Thus, using the EBSCOHOST Academic Search Premier site and searching peer-reviewed journals revealed 64,073 titles in 2011 compared to only 3,446 titles in 2007. The Econ Lit EBSCOHOST site came up with 22,036 economics journal articles in 2011 compared to 13,748 in 2007. This is not meant to be accurate in any formal way, as many older journal articles have been archived and appear on these sites in 2011 relative to 2007. What it does acknowledge is the enormous interest in the word. Further noting this interest is the massive 22,776 citations through Google Scholar in 2011 for the most cited reference, Nonaka and Takeuchi’s (1995) book The Knowledgecreating Company, followed by 13,379 for the Cohen and Levinthal (1990) article on...

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