Countering the many claims that the best days of capitalism are over following the economic meltdown of 2008 onwards, this presentation provocatively argues that a new golden age of capitalism - or upwave - began around 2002, and despite the unstable markets in the western world of the past few years, this upwave will produce previously unseen levels of wealth creation during the next twenty years. Basing this theory on the commercialisation of new technologies and the growth of new markets, the author claims that these positive trends are key to economic recovery in the US, UK and Europe. It argues that the true problem facing some countries in the West is government debt and that economic policy is of limited use in flexible and adaptive economies, where innovation, entrepreneurship and private investment should be encouraged in a range of regions.

13. John Montgomery 2011

20. The Long waves of Economic Development John Montgomery 2011 Wave Dates Industries Mode of Production Leading Cities I. 1789-1849 Cotton, Clothing, Mercantile to Industrial Capitalism Manchester New York II. 1847-1896 Steel, rail, ship-building Industrial capitalism Glasgow, Pittsburgh, Chicago III. 1896-1945 Automobiles, electrical eng. Fordism Detroit, Stuttgart IV 1944-2004 Computers, aerospace, pharmaceuticals Post-fordism (consumer and retail led) Los Angeles Seattle V 2002-2060 Digital media, bio-technology, environmental science Arbiters of Taste West Coast Philadelphia, London

21. The Long Waves Diagrammed John Montgomery 2011

25. City Dynamics John Montgomery 2011 Technology Commerce Form Culture Local Environment Infrastructure Local Consumption