Herman Mark Schwartz (Ph.D. Cornell) is a professor in the Politics department of the University of Virginia and the Batten School of Public Policy. He is the author of three books on economic development, globalization, and, most recently, the geopolitics of the subprime mortgage crisis in Subprime Nation: American Power, Global Capital, and the Housing Bubble. He is also co-editor of four books on Denmark’s welfare state, employment policy, the politics of housing finance, and the global financial crisis, as well as the author of over 100 articles, chapters, and commentaries. He has taught in Britain, Canada, Denmark, Hungary, Korea, and Norway and co-organized the 2013 International Studies Association annual meeting. He has received, among others, four Fulbright Fellowships, a Mellon fellowship, an American Council of Learned Societies fellowship, and a Bosch fellowship from the American Academy Berlin.
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Episode 393
Herman Mark Schwartz
Will AI Generate a New Growth Wave of Creative Destruction? | Herman Mark Schwartz
Herman Mark Schwartz (Ph.D. Cornell) is a professor in the Politics department of the University of Virginia and the Batten School of Public Policy. He is the author of three books on economic development, globalization, and, most recently, the geopolitics of the subprime mortgage crisis in Subprime Nation: American Power, Global Capital, and the Housing Bubble. He is also co-editor of four books on Denmark’s welfare state, employment policy, the politics of housing finance, and the global financial crisis, as well as the author of over 100 articles, chapters, and commentaries. He has taught in Britain, Canada, Denmark, Hungary, Korea, and Norway and co-organized the 2013 International Studies Association annual meeting. He has received, among others, four Fulbright Fellowships, a Mellon fellowship, an American Council of Learned Societies fellowship, and a Bosch fellowship from the American Academy Berlin.
In Episode 393 of Hidden Forces, Demetri Kofinas speaks with Herman Mark Schwartz, a professor in the Politics department of the University of Virginia and the author of three books on economic development, globalization, and the geopolitics of the subprime mortgage crisis.
Demetri and Mark discuss an article that he recently co-authored in American Affairs about AI’s potential to create a new growth wave of creative destruction that could rival or surpass those of previous innovation cycles, with enormous implications for business, society, and the role of government in the economy. They discuss what these so-called “Schumpeterian” growth waves typically look like, how they create complex interactions across all facets of the economy, and how they ultimately exhaust themselves, making room for the birth of a new innovation cycle.
In the second hour, Mark and Demetri apply this framework to the growth wave that we have been living through for more or less the last 50 years and which now appears to be in the late stages of endogenous decay. They examine three scenarios for what might come next. The first is an extension of the current wave, the second is a new paradigm driven by AI as the key general-purpose technology, and the third is neither an extension of the current wave nor a transition to a new paradigm, but rather a series of crises characterized by commodity shortages, energy insecurity, political polarization, and global conflict.
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Herman Mark Schwartz (Ph.D. Cornell) is a professor in the Politics department of the University of Virginia and the Batten School of Public Policy. He is the author of three books on economic development, globalization, and, most recently, the geopolitics of the subprime mortgage crisis in Subprime Nation: American Power, Global Capital, and the Housing Bubble. He is also co-editor of four books on Denmark’s welfare state, employment policy, the politics of housing finance, and the global financial crisis, as well as the author of over 100 articles, chapters, and commentaries. He has taught in Britain, Canada, Denmark, Hungary, Korea, and Norway and co-organized the 2013 International Studies Association annual meeting. He has received, among others, four Fulbright Fellowships, a Mellon fellowship, an American Council of Learned Societies fellowship, and a Bosch fellowship from the American Academy Berlin.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
